Property and Casualty Insurance - Complete Guide for 2022

There are many insurance policies within the property and casualty insurance realm, each with its own vocabulary. Understanding the different types of property and casualty insurance can limit the number of many causes of catastrophic financial loss.

Businessowners Insurance

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

It is similar to the combination of personal auto and homeowners insurance policies. Businesses that don’t need all three types of insurance coverage can buy insurance policies separately.

The separate policies are commercial auto (covers all vehicle types), general liability, and property. The package policy is usually less expensive than the three separate policies, as long as you need all three coverages.

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.

Businessowners Insurance

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.

Products Liability