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The Commercial Package Policy allows you to extend coverage to property not regularly covered under the policy, such trees, shrubs or plants.

Essentially, you’re saying to the insurance company, I want these specific situations covered in the event of a loss. Each coverage extension has its own details of coverage. The nuances of the extensions come into play when a loss occurs and there’s no specific insurance written on the property.

The six coverage extensions are:

  1. Newly acquired or constructed property. This includes both buildings and business personal property subject to maximum dollar limits each. This extension protects your business if new property is added during the policy period.
  2. Personal effects of people involved in your business
  3. Research to restore valuable papers and records
  4. Property temporarily off-premises for storage, or for shows.
  5. Outdoor property such as fences, signs, and plants
  6. Non-owned detached trailers

Note. These six categories of coverage extensions are a great deal more complex than we go into here. Check with your insurance agent for complete details.

Also, a note of caution, when your business changes, whether property changes or personnel, always report it to your agent. If it’s a change to either property or the business organizational structure, report it. This includes a new partner, the change to a corporation, or a new line of operation.

Don’t assume a change is covered by your insurance. That’s dangerous.

If you’d like to learn more, contact one of our Licensed Advisors . We’re here to help.