It is common for package policies to include or make several other insurance coverages available by option. These are usually crime coverage, inland marine coverage and hired and non-owned auto coverage. Crime can be coverage to protect against employee theft or theft by others. Inland marine covers property that leaves the premise such as tools or other equipment. Non-owned auto coverage is often overlooked but very important. As a business owner, you could be responsible for auto accidents caused by your employees if they are driving on company business. You also can face exposure from damage to people or property while driving a rental vehicle. Package policies are usually the fundamental building block of business insurance coverage.
The most common insurance policy purchased by business owners is called a package policy. It is a “package” policy because it is a package of coverage. The typical primary coverages are property insurance and general liability insurance.
Package policies are usually the fundamental building block of business insurance coverage.