Package Policies: Making Comprehensive Cover Simple
Today’s businesses face a blend of unique exposures. Here’s the simple way to help them get the comprehensive cover they need with package policies.
Since most businesses today are complex entities, the profile of risks they face don’t fit neatly into a single box. We see it across industries. An architect with professional liability (PL) insurance for their day-to-day work can still be vulnerable to risks in the world of cyber. Just as PL for a distributor of medical devices may not cover a product recall event, leaving the firm considerably worse off if an event occurs.
It used to be that businesses needed to purchase separate policies for each risk—a time-consuming and costly endeavor, with multiple policies also making things more complex when you go on to make a claim. Thankfully, there’s a better way. Read on for CFC’s main package policies.
Package policies from CFC
To remove complexity, CFC has developed a series of package policies that list and cover common risks in different industries. For businesses that aren’t certain of the risks they’re set to face, taking out a package policy ensures invaluable peace of mind, while also serving as a one-stop-shop that bundles different coverages into one policy.
That’s not all. CFC can also tailor coverage to a specific business, adding and removing coverages as required to design a product that’s perfect for them.
Professional services
Tailored to cater to the diverse requirements of professional service firms across a spectrum of industries, our policies encompass PL, commercial general liability (CGL), property, business interruption, legal expenses, directors and officers (D&O) and cyber. Find the product brochures below to learn more.
Healthcare
From traditional healthcare exposures to technology E&O, the healthcare sector requires a policy that addresses its unique needs. With healthcare providers holding vast amounts of sensitive data and their reliance on computer systems, cybercrime cover is even more important alongside the package policy PL and CGL cover.
Life sciences
Within a life sciences sector that ranges from natural health products to biotechnology, comprehensive insurance is imperative for businesses to address their nuanced needs. In these package policies, CFC’s standard coverage extends to include bespoke covers specific to the business.
Property and casualty
For businesses confronted with losses from property damage or loss, tailored coverage becomes essential. For manufacturers and distributors specifically, E&O requires specialized protection against a myriad of potential risks.
Technology and media
Paired with comprehensive cyber cover, these two package policies are built to fit modern business exposures. Including traditional property and business interruption cover, with intellectual property (IP) available to add on.
Financial institutions
With the pace of change in financial services leading to large amounts of sensitive data being stored, the right insurance cover is vital in protecting business-as-usual and driving growth. Financial institution package policies combine standard coverages with industry-specific cover such as kidnap and ransom protection.
Source: www.cfcunderwriting.com
