Business Insurance: How to put it all together

Once you've reviewed some of the coverages available to you and given some thought to your particular business, its assets, and possible threats to its legal and financial health, it's time to think about how best to put all the pieces together in the most comprehensive and cost effective way.

If your headquarters is also your home, you have special considerations in selecting the right business package, please go here for details. For all other businesses, there are basically 3 ways to buy insurance.

1. Monoline Coverage a single type of coverage (many people ask for simply liability coverage, for example).
2. A Commercial Package Policy (CPP) allows businesses to purchase multiple lines of insurance. This concept was developed to prevent gaps and overlaps in coverage under individual policies. For example, General Liability and Commercial Auto policies are designed to integrate with each other.
3. A Business Owner's Policy (BOP) is very similar to CPP. The difference is that an insurance company will develop their own policies that combine specific coverages. A BOP is essentially a packaged insurance solution for a specific type of business such as a general contractor or a wholesaler. Unfortunately, BOPs do not exist for every type of business, nor are they for every type of business.

What's the best solution for your company? The experts at Ellis Insurance begin by asking the right questions about your business to determine the most comprehensive solution. Insurance decisions don't end there however. Developing a relationship with your agent is important as your business grows and changes. Making sure your coverage increases with the scale and exposures of your organization is very important.

Looking for more information on insurance for your business? Contact Ellis Insurance or get a no-obligation quote by filling out our short online form.