Not every business is the same and insurance needs can run the gamut, but every commercial entity requires the protection of property and general liability coverage. A business owners policy (BOP) typically provides both, and for some small companies that basic protection may be sufficient.
For other businesses with more complex needs, a commercial package policy is a more prudent option. Choosing between a commercial package policy vs BOP doesn’t have to be a difficult decision. Here is a simple primer to help you make the right choice.
What Is Included in Both
Both options provide property and general liability protection. Property insurance covers damage to the office or building, as well as to inventory and equipment. General liability provides for legal protection against claims of personal injury by customers or other non-employees.
Why You May Need More
Larger companies or businesses with more exposures to risks may find choosing a commercial package policy vs BOP the way to go. Commercial packages offer the cost-saving advantages of bundling plus higher policy limits and increased customization. Below are just a few of the options available:
- Boiler and machinery (equipment breakdown)
- Business vehicle
- Business crime
- Employment practices liability
- Business income
- Commercial umbrella liability
If your company is the square peg that doesn’t quite fit into the BOP hole, consider the advantages of bundling your insurance needs into one commercial package. Choosing a commercial package policy vs BOP should result in comprehensive, affordable protection for your company.