A business requires constant awareness of liabilities, and a package policy can fill gaps to safeguard against those issues. In addition to the potential for property damage, hiring liability, or financial mismanagement, you must protect your company against risks such as worker’s compensation expenses. Some insurers separate each of these liabilities into an individual policy, making it costly and inconvenient to secure coverage for all your business’s exposures.
The Benefits of a Package Policy
A package policy can solve this problem by grouping each part of your business’s insurance into a single policy.
A Package Policy Can Streamline Coverage
What is a package policy? A package policy is a simple solution for companies needing multiple business insurance policies. If your business needs premises liability coverage to protect against injury claims, a package policy may allow you to pair this coverage with your employment liability coverage. Rather than buying two separate policies with two different premiums, you benefit from a single, streamlined insurance product. Many insurers will allow businesses to include several policies in their package coverage.
Get Niche Coverage With a Package Policy
Another benefit of a package policy is combining a niche insurance product with a general business insurance policy. Securing coverage can be challenging if your business operates in an industry that faces unusually high risk or deals with uncommon liabilities. This difficulty is troubling when juggling a collection of policies across multiple insurers. Including a niche policy in a package can also offset the cost of niche coverage.
Package Policies Can Offer Lower Rates
In addition to mitigating the cost of niche coverage, a package policy can lower the overall cost of your business’s insurance coverage. It is because there is typically less administrative work for an insurer to complete when issuing multiple policies. Underwriters can also complete policies more efficiently when they are all part of a package policy. Lower rates benefit your business, and you can invest the savings in resources to help your business further minimize risk.
Protect Your Business With a Package Policy
The most significant advantage of a package policy is its ability to fill in the gaps that other forms of coverage may leave. It is what sets it apart from other business insurance packages. Rather than simply bundling policies together for savings, a package policy allows you to curate your coverage and ensure that it includes every liability. While other business insurance bundles include coverage that the insurer chooses, a package policy empowers business owners to determine their coverage. If your business needs insurance for unique risks that other insurers won’t cover, look for a package policy that can provide an all-in-one solution.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
