Business Insurance FAQ

1. What is a package policy?
There are various “package” policies available. Programs such as the Business Owners Policy (BOP) are specially designed for small- to medium size retail stores, office buildings etc. They are designed to meet property insurance needs and liability coverage in one contract. Many insurers design packages to meet specialized needs, such as Auto Garages, Auto Dealers, Jewelers, Furriers, Apartment Buildings and Barbers and Beauty Salons.

2. How does general liability insurance relate to other liability insurance types?
General Liability refers to the legal liability arising out of business operations other than automobile or aviation accidents and employee injuries. The major general liability loss exposures of a business include the following:

  • Premises and operations
  • Products liability
  • Completed operations
  • Contractual liability
  • Contingent liability

3. What is Workers Compensation Insurance?
All states have workers compensation laws that require most employers to provide cash and medical benefits for injured employees, regardless of fault. Employers buy workers compensation insurance to protect themselves against lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents. Workers compensation insurance is purchased as a separate policy.

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