What is a Commercial General Liability Insurance Coverage And Property Package Policy (BOP)?
If yours is a small business to a medium-sized business operating in a low-risk business class, commercial
insurance may be available in an affordable, General Liability and property package policy, known as a Business
Owner's Policy, or BOP. A BOP combines Commercial General Liability insurance coverage and Property
insurance in a single commercial insurance policy. For many growing companies, the rate for (the insurance
quote) general liability insurance coverage offered by a BOP is an affordable alternative for small business
insurance coverage.
Business Insurance Package Policy
A General Liability and property package policy includes General Liability insurance to cover your commercial
liability and property insurance for physical assets, such as contents, that are leased or owned. The package
policy may also cover loss of business income and extra expense resulting from an insured peril. A business
insurance package policy generally insures lost or damaged property for replacement value, which means
you'll receive a settlement amount sufficient to replace the property without deducting for depreciation. The
Property insurance portion of a General Liability and property package policy also covers other people's
personal property to the extent that the business owner is legally liable for the damage.
General Liability Insurance
The General Liability insurance coverage of a BOP is comparable to a typical Commercial General Liability
insurance coverage (CGL) policy, providing protection against claims of bodily injury or property damage for
which your business may be liable. The General Liability portion also provides liability insurance for the cost
of defending lawsuits stemming from accidents that cause bodily injury, property damage, and claims such
as libel, slander and false advertising – even if the claims against you have no merit. General Liability
insurance does not protect your business from professional errors or negligence that is normally covered by
a Professional Liability insurance policy.
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