PACKAGE: What is it?

What is a "Package" policy and what types of insurance can it include?

A Package Policy "packages" together several fundamental coverages such as: property coverage (for your office contents), general liability coverage (for slip & fall - required by your landlord) and employee dishonesty (embezzlement coverage). All coverages are "packaged" together and issued with one Package premium. The policy typically covers locations and accidents in the United States, its territories, Puerto Rico and Canada.

Why do I need it?

• To cover your office contents and computers from fire or theft
• To cover lost income as a result of a business interruption (such as a fire)
• To cover your company against auto-related suits caused by employees or volunteers
• To meet the contractual insurance requirements of your funders, banks, leasing companies, and landlords.

Property Coverage: Coverage for fire, theft and other perils on your computers, software, office contents and buildings. Coverage can be for listed premises, unscheduled locations, or for property in transit.

Business Interruption: If you are shut down by a covered peril, such as a fire, this insurance will pay for your monthly historical net profit as well as expenses that continue during your period of interruption. In addition, it can include extra expense coverage - non-recurring expenses related to getting your operation up and operational (e.g. expediting charges, recabling fees, and costs associated with setting up a new office).

General Liability: This coverage protects you from bodily injury and property damage liability claims. In addition, limited coverage is provided for the advertising and personal injury exposures of your business. This coverage is typically required by your landlord in your lease agreement. Coverage can also be extended to the activities of volunteers.

Auto: Coverage can be provided for the liability of owned, leased, rented, or nonowned automobiles. Insurance can be tailored to pick up the organization's exposure for vehicles driven by staff or volunteers. In addition, leased/rented vehicles can be covered for not only liability exposures, but also for direct damage to the rental vehicle.

Crime: This coverage can be tailored to pick up employee theft of money or property, computer fraud, money and security theft, wire transfers, and forgery. In addition, coverage can be extended to pension (401k or 403b) bonds as required by ERISA.