DEFINITION of 'Commercial Multiple Peril Policy'
A commercial insurance policy that offers at least two forms of coverage. Commercial multiple peril policies can cover a variety of losses incurred from numerous causes. Some of the types of coverage offered include business crime, business automobile, boiler and machinery, marine and farm.
BREAKING DOWN 'Commercial Multiple Peril Policy'
Commercial multiple peril policies are also known as "commercial package policies." These policies are sold by property and casualty insurers to businesses of various types. Many farmers and ranchers also purchase these policies for multiple forms of protection against incidents such as farm fires.