Starting your own business can be exciting and open up a number of possibilities. So, it makes sense that the last thing you want to do is stress about which kind of insurance policy will best suit your business’s needs. The differences between a Commercial Package Policy vs. a Business Owner’s Policy can fluctuate.
A Commercial Package Policy is a more complete resolution for small or medium-sized businesses that have specific coverage needs. This policy offers overall liability protection and gives the option of greater policy restrictions and more coverage choices. The business is typically allowed a more relaxed approach to obtaining insurance coverage and has the ability to choose policies that are relevant to their business needs.
The other option is a Business Owner’s Policy which does consist of multiple coverage, though it doesn’t usually line up with the policyholder’s needs. This policy is for smaller and mid-sized businesses as well but is more so generated for companies that face the same type and extent of liability.
When it comes to choosing a Commercial Package Policy vs. a Business Owner’s Policy, things can get a little hairy. The best thing you can do is conduct additional research and what-if scenarios that might occur and the type of coverage that would benefit you the most.