Business Property and Liability Insurance Package
Definition - What does Business Property and Liability Insurance Package mean?
A business property and liability insurance package is insurance that protects against losses to the property from fire, vandalism, or other damage, and protects against losses from liabilities, such as bodily injury to people on the premises and property damage. Packaging two major forms of insurance into one bundle makes it a convenient option for business owners.
Insuranceopedia explains Business Property and Liability Insurance Package
Without business property and liability insurance, businesses can be exposed to a large number of risks. Threats, such as fires, structural damage, and people getting injured on the property, can all represent major damage or lawsuits and thus potentially significant financial losses. Business property and liability insurance packages allows business owners to purchase critical insurance in a convenient package. In this way, business owners do not need to shop for each policy individually. By purchasing this package, they can enjoy coverage for multiple types of risks with a single purchase.