COMMERCIAL PACKAGE POLICY

COMMERCIAL PACKAGE POLICY

WHAT IS IT?

A Commercial Package Policy is the foundation upon which all other insurance products and services are built. It is the framework onto which many different coverage options may be bolted on to create the coverage that fits your client’s needs and wants. Our Commercial Package Policy offers Property and General Liability Insurance.

WHY TRISURA?

We understand that there are many different types and sizes of commercial enterprises and so our Commercial Package Policy is designed to provide comprehensive protection with flexible coverage options. Trisura offers your clients a robust Commercial Package Policy to support our Specialty Insurance lines of business. Occasionally, losses occur where there is no clear indication where the coverage provided by the Commercial Package Policy ends and where a stand-alone specialty product steps in. By choosing Trisura’s Commercial Package Policy in combination with our Specialty Insurance Solutions products, the issues surrounding the interpretation of coverage and limits and grey areas relating to the loss settlement are avoided.  Coverage will continue in a seamless fashion from one policy to the next. Our dedicated Property & Casualty team can also provide customized insurance solutions for small and medium size enterprises in certain industries on a standalone basis.

COVERAGES

Coverages Available

  • Property (only available with CGL coverage)
    • Business Interruption
    • Crime
    • Equipment Breakdown
    • Inland Marine
  • Commercial General Liability
    • Bodily Injury and Property Damage arising from Premises, Operations and Products/Completed Operations
    • Personal and Advertising Liability
    • Medical Payments
    • Tenant’s Legal Liability
    • Non-owned Automobile
    • Employee Benefits Liability
    • Employers Bodily Injury Liability Coverage Extension

Capacity

  • Property $10,000,000
  • Commercial General Liability $20,000,000

Coverage Highlights

Property

  • Bundled Property Extensions of Coverage featuring a Basket Limit includes:
  • Accounts Receivable
  • Debris Removal and Windstorm Debris Removal
  • Fine Arts
  • Fire Department Service Charges
  • Glass
  • Improvements and Betterments – Undamaged
  • Interruption of Service
  • Lease Bonus Payments
  • Leasehold Interest
  • Outdoor Growing Plants, Trees, Shrubs or Flowers
  • Property of Employees
  • Rents
  • Rents Prepaid by Insured
  • Valuable Papers and Records
  • And individual limits for another 19 coverages

Commercial General Liability

  • Standard IBC wording and endorsements

The Trisura Advantage

  • Multi-year Policy options are available
  • Access to complementary Legal Assistance Hotline
  • Complementary Covers
    • Directors’ and Officers’ Liability
    • Privacy Breach & Security Breach
    • Professional Liability
    • Fidelity

Appetite We underwrite all risks on an account basis, taking into account the unique risk characteristics of each applicant.

International Exposure We underwrite accounts incorporated in Canada with international exposures, provided the majority of their operations and employees are domiciled in Canada.

Minimum Premiums We do not have minimum premiums.

FIVE THINGS YOU SHOULD KNOW ABOUT COMMERCIAL PACKAGE POLICIES

1. Every company underestimates its value. The Insurance Bureau of Canada estimates that 88% of small and medium sized companies are not insured to value. Partial losses to the organization often require the full policy limits.

2. $10 million is the new $5 million. In the past five years, most small and medium sized companies have increased their $2 million CGL limits to $5 million. And $10 million limits, once reserved for only larger and more complex risks are becoming increasingly common and demanded by most lease agreements.

3. Picking up the pieces is expensive. A lot of perils can interrupt a business: Fire, water damage, theft, vandalism, even a malicious computer virus. What they all have in common is that the cost to the company can be much more than the loss itself. Interrupting the natural flow of business through an organization is an expensive proposition. Additional costs to find temporary office or plant space, and the computers, telephone lines and rented equipment required to do business adds up quickly, as does the value of the business you lose while you try to get things back to normal.

4. Nothing moves more slowly than a lawyer on a retainer. While insurance is sold in well-defined blocks of coverage, life doesn’t always cooperate. It is natural then that when a claim comes along the loss doesn’t always fit neatly into the bailiwick of a single policy. Trying to determine which insurance coverage should respond to any given loss, and to what extent, has made many lawyers wealthy over the years. Purchasing a Commercial Package Policy from the same insurer as the specialty coverage places one company in charge of indemnifying your client in the event of a claim. This can speed things up, reduce confusion, and help sanity prevail at the time of a loss.

5. Buying a package policy can result in lower premiums. Instead of buying separate policies to cover property, casualty, liability, fidelity and business interruption insurance, a package policy can result in lower overall premiums resulting in savings for your client.