Every business needs the dual protection afforded by commercial property insurance and general liability insurance. These policies can be purchased separately, but bundled coverage can sharply reduce the cost of premiums. Here’s a primer on what to know before you buy.
Commercial property insurance protects the building itself, as well as business property. Though coverage can be customized to include special items, most general polices protect the following:
- Building and fixtures
- Fences, landscaping and exterior signs
General liability policies protect businesses against claims of personal injury or property damage by third parties. Insurance provides for payment of legal fees as well as possible judgments or settlements, up to the policy limits.
Business Owners Policy
For small commercial entities, as well as those in a niche industry, a business owners policy (BOP) is an excellent choice that provides both property and liability coverage. Businesses also have the option to add customized endorsements.
Commercial Package Policy
Bigger companies or those that are especially vulnerable to liability claims may find a commercial package policy (CPP) a better option. A CPP offers bundled property and liability insurance, along with the option to add coverage in other more specific areas such as business crime insurance or business vehicle insurance.
Cover all your bases and secure the proper level of protection for your business. Bundle and save with either a business owners policy or a commercial package policy.