What insurance policy combines both property and liability coverage for businesses?

The Business Owner Policy (BOP) is a unique insurance product designed specifically for small and medium-sized businesses. It combines property insurance, which protects the physical assets of the business, with general liability coverage, which protects against third-party claims for bodily injury, property damage, and personal injury. This combination of coverage makes a BOP particularly appealing to business owners, as it provides a comprehensive package that addresses multiple risks faced by their operations at a more cost-effective rate than purchasing individual policies separately.

In contrast, commercial general liability insurance focuses solely on liability coverage without addressing property damage. Professional liability insurance is designed for professionals who need protection against claims of negligence or errors in their professional services, while workers' compensation insurance covers employees injured on the job but does not provide property or general liability coverage.

Thus, the Business Owner Policy stands out as the integrated solution that offers a broad safety net for business operations, making it an essential consideration for many entrepreneurs.