General Liability Insurance and Business Owner Policy

The general liability insurance and the business owner policy are two different policies. Although they have certain things in common like the liability insurance,they are not exactly the same type of insurance. The general liability insurance only covers the business against damages caused to an individual who bought their product that led the individual to be injured by it. The general liability insurance is there to help cover the costs and damages done to the third party, whereas the business owner policy is a protection from all liabilities and important property risks that you may find to occur eventually and it is all fitted into one package or policy. So to sum it up, the general liability insurance are meant for companies who have higher chances of causing hazards to other individuals while the business owner policies are meant for companies that have higher chances of being threatened by loss of properties.

The general liability insurance has a total of four coverages that include the bodily injury liability coverage, the property damage liability coverage, the personal injury liability coverage and the advertising injury liability coverage. The liability insurance is an insurance policy that protects the business from being sued if they are found to be legally liable for an incident of some sort such as malpractice and even negligence. This policy covers the costs of any lawsuits that the business may face, and if the business is found to be liable for the damages or injuries occurred, this policy will cover for the fines incurred. In contrast, the business owner policy comes with coverages like the flood insurance coverage, the liability insurance coverage, the vehicle coverage, the crime insurance coverage, the business interruption insurance coverage and also the property insurance coverage. Those are the basic coverages that are included in one package of a business owner policy but if the client wants to add or reduce the amount of coverages, it can also be done. Small companies are required to purchase this policy so that they do not lose a year of profit just to clear the cost of property losses.