Master Policy
What Is a Master Insurance Policy?
In small business insurance, “master policy” refers to the combining of several locations or operations under a single policy for the same insured or insureds.
How Does a Master Insurance Policy Work?
A master insurance policy (sometimes called a group or program policy) is a comprehensive policy established by the insurance company that many individual businesses can join. The master policy outlines the coverage terms, limits, and rules, including who can qualify for coverage under the policy.
When you enroll and pay your fee (aka premium), you’re added as an insured under the master policy. You get your own Certificate of Insurance (COI, sometimes called an ACORD COI) and can typically add additional insureds.
It’s how programs keep insurance quick, affordable, and standardized for lots of small or mobile businesses.
At a glance:
- One policy → many enrolled businesses
- Keeps costs lower than custom policies
- Each business gets its own proof of insurance
- Ideal for vendors, crafters, mobile pros
What Do Master Insurance Policies for Small Businesses Include?
In small business insurance, most master policies include:
- Core general liability coverage (bodily injury, property damage, personal/advertising injury)
- Set per-occurrence and aggregate limits (e.g., $1,000,000 per occurrence/$2,000,000 aggregate)
- The ability to download a COI and add additional insureds
Some programs also bundle product/completed operations and damage to premises rented in general liability for makers and vendors. And, if your work needs it, Insurance Company also offers optional add-ons like:
- Cyber liability
- Professional liability / errors & omissions (E&O)
- Commercial auto
- Workers compensation
Coverage is standardized, so it’s fast and affordable, and can be customized in a snap with add-on endorsements like these.
Additional Resources
- How to get a Certificate of Insurance for your small business
- Guide to small business insurance
- See how to add additional insureds to your policy
- Explainer: What an ACORD Certificate of Insurance is
- Learn what personal/advertising injury insurance is
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