Property and Casualty Insurance: Complete Guide for 2022

Protection against loss is critical for everything you do, including running your own business or earning money from a side hustle.

Businessowners Insurance

Some small businesses buy a package policy, called a business owners policy (BOP), to cover their vehicle, liability, and property exposures.


The vehicle coverage is the same whether bought in a BOP or a separate commercial auto policy. It protects against anything for which the business owner becomes legally liable related to vehicles’ operation covered on the policy.


Businesses usually face one or more of four types of liability – vehicle (discussed above), premises and operations, products, and professional. Premises and operations and product liability are parts of both general liability policies and BOPs.

Premises and Operations

Premises and operations coverage (which I’ll call Prem/Ops) provides insurance for things related to your business location or operations. It covers injuries to third parties (not employees) or damage to their property.

Products Liability

Product liability coverage provides insurance for damages related to your product. These damages include third parties (not employees) who are injured or their property when damaged.


Property insurance protects your property, including buildings and their contents. You can also purchase insurance for just the contents if you don’t own the building.


An umbrella policy allows you to increase the limits of liability on all your liability policies at once.

Professional Liability

Professional liability insurance protects you against claims that you have caused someone an economic loss by making a mistake when providing professional services.

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