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.
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.
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.
Please note that this description/explanation is intended only as a guideline