Package Policy
What Does Package Policy Mean?
A package policy is an insurance product that provides coverage for multiple types of insurance. For instance, both liability and property insurance may be included in a package policy. Businesses seeking commercial insurance often purchase commercial package policies.
Insuranceopedia Explains Package Policy
Package policies offer several benefits. First, they allow policyholders to purchase multiple types of insurance from the same insurer within a single policy. This saves policyholders the time and effort of shopping around for individual policies from different insurers. Second, package policies are often more cost-effective than purchasing each policy separately. This is because they typically offer lower rates, thanks to a “multi-line discount” that is applied when multiple policies are bundled together.
