What are the two primary types of coverage in a Commercial Package Policy?

In a Commercial Package Policy, the two primary types of coverage are liability and property coverages. This structure is designed to address the specific needs of businesses by bundling necessary insurance protections into a single policy.

Property coverage within this policy typically protects the physical assets of the business, such as buildings, equipment, and inventory, from risks like fire, theft, or natural disasters. Liability coverage, on the other hand, safeguards the business against legal liabilities arising from injuries or damages to others, or from issues like negligence and failure to deliver products or services as promised.

These two types of coverage work in tandem to provide comprehensive protection for businesses, making the Commercial Package Policy a flexible and effective option for various commercial needs. Other types of coverage, like health and life or auto and home, tend to focus on personal rather than business-related risks. Similarly, workers' compensation is a specific type of coverage catering to employee injuries, rather than a broad category like property or liability.