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Business Owners Policy vs. Commercial Package Policy

Opening a business is a great thing. Regardless of the optimism surrounding your business venture, all investments have some element of risk. As such, there is a need to secure them by getting an insurance policy for your business. The business owners’ policy (BOP) and commercial package policies (CPP) are the two most popular insurance coverage options for your business. But what’s their difference? 

What’s a Business Owners Policy (BOP)?

A business owner’s policy (BOP) is an insurance cover that combines many coverages with various standard insurance covers that may not be of particular interest to the policyholder’s insurance needs. The policyholder buys the BOP without choosing what should or shouldn’t get covered. 

The policies often cover business personal property, including the assets in a building, the building, and the loss of income that may occur after some risk. The cover may also help when clients or workers sue because of personal harm. But such covers don’t always cover what a business needs to protect. For instance, there may be no disability or health insurance covers within it.

What’s a Commercial Package Policy (CPP)?

CPP is a business insurance coverage option that provides a bundle of covers made into a single package containing policies explicitly chosen by the policy holding business. The coverage often offers general liability and business property coverage. CPPP may also provide business interruption and data breach coverage, among many others. 

Typical, the CPP cover can get expanded to include many business risks. The option gives a business a flexible way to tailor its bespoke insurance coverage. The option also offers a cheap mode of obtaining cover instead of buying individual policies for each risk element. These covers can contain property, crime, auto, and general liability policies, or more.

Differences Between BOP and CPP

  • Unlike BOP, CPP can get customized
  • Unlike CPP, BOP policy offers can’t get changed by policyholders
  • A BOP provides only specific risk coverages, and if some risks aren’t covered, the business has to seek separate extra coverage

Similarities Between BOP and CPP

  • Both BOP and CPP carry many coverages that cater to different risks. 

Get BOP and CPP Policies Today

If you are in Santa Monica, CA, then you should visit Express Financial & Insurance Services to get your BOP and CPP insurance covers. At Express Financial & Insurance Services, we provide updated BOP and CPP insurance policies to Santa Monica, CA residents. Check out our website to learn more.