Multiple Peril Insurance, also known as multi-peril insurance, or even sometimes referred to as all-risk insurance, is a comprehensive insurance package for commercial and small businesses that incorporates two or more types of property and liability coverages into a single package. The basis behind this comprehensive coverage is to protect the business owner and his business against multiple types of property and liability risks that may potentially occur without having to purchase multiple policies individually.
Why would a business owner want to purchase such coverage? As an example, many business owners may only have flood protection to protect their business against flood damage. But if they were to experience damage to their business property caused by strong winds, they would not be completely covered or compensated for their financial losses caused by that wind damage because of the specific policies and coverages they hold. Purchasing multiple coverages lowers the potential risk to the owner of the small business and transfers that risk over to the insurer.
If a business owner was to purchase multiple peril insurance they could have one insurance package that would cover a wide range of potential liability and property damages based on their desired coverages within their package, and in some cases might also see a reduced premium for the combination.
Additional coverage that can be purchased as part of a multiple peril insurance package can include but are not limited to crime coverage, glass coverage, and inland-marine coverage—although there are many more types available based upon the needs of the particular business , it’s location, and other factors.
Want more information on multiple peril insurance? Talk to a bolt representative about a multiple peril insurance package that is right for your unique business and needs.
