When it comes to safeguarding your business, there are two primary types of insurance policies to consider: commercial general liability (CGL) and business owners policy (BOP). CGL only covers liability losses, while BOP covers both liability and property losses. This means that BOP is a more comprehensive policy, but it is only available to small, low-risk businesses. General liability insurance is designed to protect your company from claims of property damage, bodily injury, or damage to the reputation of someone who is not affiliated with your company.
It can also help cover legal fees if you are sued. On the other hand, a business owners policy includes general liability insurance as well as some property coverages such as personal property in buildings and businesses. In addition to these two main types of insurance policies, your company may also require auto insurance, workers' compensation, or cyber liability. It's important to speak with an agent to determine which type of policy is best for your business and if you are eligible for a cost-saving BOP.