Package Insurance provides multiple coverages in one policy. It usually refers to a policy providing both General Liability and Property Insurance although other coverage can be added, as well. Any company that has physical assets such as property, equipment, stock, raw materials, or office furniture has the need for property protection. In addition to providing property protection the package insurance can respond to general liability exposures.
Property Insurance is first-party insurance that indemnifies the owner or user of property for its loss when the loss or damage is caused by a covered peril. Sometimes included in the Property coverage section for the Package Policy is Business income and Extra Expense.
General Liability policies generally cover the legal liability of a company for bodily injury to others and for damage to the property of others.