Insurance companies that sell commercial insurance offer policies that combine protection against major property and liability risks in one package. They also sell coverage separately. Package policies are created for companies that generally face the same type and degree of risk. Larger companies can purchase a business package policy or customize their policies to meet the special risks they face.
Business owner's insurance, also known as BOP insurance, is a policy that combines property and liability coverage in one package. It's popular with a variety of small and medium-sized businesses, such as restaurants, wholesalers, retail stores, and contractors. The final price will largely depend on certain characteristics of the company, such as coverage needs, the type of profession, the number of employees and the history of claims. A policy for business owners combines general liability insurance and property insurance into one easy-to-manage policy.
This coverage protects the company's commercial buildings and personal assets, which are movable property owned and used for the company. Small and medium-sized businesses that own or rent a workspace should consider taking out a BOP, which includes general liability and commercial property insurance. General liability protects your company from third-party liability claims, including bodily injury, property damage, and personal injury. BOP coverage is a great option for small and medium-sized businesses with commercial properties, such as restaurants, retail stores, and offices.
A business package policy allows you to combine several business insurance policies, with different limits for each covered loss, to suit the needs of your business. A Progressive Commercial business owner's policy, or BOP insurance for short, combines liability and property coverage to create an ideal policy for many small businesses. The business owners policy combines general liability coverage and commercial property insurance into a single policy. While both the business owners policy and the business package policy allow you to combine separate insurance policies into a single policy, there are some key differences between the two.
A commercial policy package allows you to combine many liability policies, but this doesn't include workers' compensation insurance, director and officer insurance, group life insurance, and disability policies.