Is a business owners policy the same as general liability insurance?

A business owner's policy (BOP) is essentially a general liability insurance policy with additional property protection. Bring together several insurance policies in one package at a reduced rate. CGL offers liability insurance, while a BOP is a package of policies that includes more than just liability coverage. If your company is open to the public, rents or owns commercial properties, or works with clients and customers, it can be a smart decision.

With Workers' Compensation Insurance, Commercial Auto, Business Package Insurance (CPP) ProPack, ProEdge Business Owners Policy, Commercial General Liability and Supplemental Insurance, and Commercial Franchise Insurance, you can trust your company's coverage. So, whether you opt for general liability insurance or BOP, you can rest assured that you'll be covered for these expenses no matter what. In addition, you can add coverage in the event of business interruption, so that, if a covered claim occurs, you can keep your business running while it is being repaired. Even the most cautious business owner can be sued, and small businesses can't afford these hefty legal fees. The amount you pay for commercial liability insurance depends on the type of coverage you purchase, your industry, and several other factors unique to your business and location.

General liability insurance is there to provide protection against those third parties in the event that they are injured and suffer a bodily injury. A BOP can be adapted to some extent to your business and provide a wealth of details that are not included in a direct general liability policy. NJM business insurance is available in Connecticut, Delaware, Maryland, New Jersey, New York and Pennsylvania. The most obvious difference between a general liability insurance policy and a business owners policy is that there is no property insurance coverage available to add to the general liability policy.

The most important risk that comes with owning a small business is that third parties will file a lawsuit against you. The policyholder can also get coverage against company revenues, signs, money and securities, equipment breakdown, and employee dishonesty (learn how to protect your company from coverage gaps related to equipment breakdowns). However, sometimes, a small business owner has insurance needs that go beyond what a general liability insurance or BOP policy can provide. We make small business insurance quick and easy, whether you need a general liability policy, a policy for business owners, or additional insurance coverage.

If you have general liability insurance and someone is suing your company, you can also use it to help pay for legal defense costs and damages. Companies of any size can get a CGL policy; however, not every company can get a BOP, as it's designed for smaller businesses.

Jenny Kizzia
Jenny Kizzia

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