When two or more coverage parts are written together in commercial insurance, what is this called?

A situation where two or more coverage parts are combined into a single commercial insurance policy is known as a package policy. These policies are designed to offer a more streamlined solution for businesses by bundling different types of coverage, such as property, liability, and auto insurance, into one cohesive form. This approach provides various advantages, including easier management of coverage and potentially lower premiums compared to purchasing multiple individual policies separately.

Package policies are particularly beneficial for businesses as they address multiple risks under one contract, which simplifies the administrative process and ensures that coverage is more comprehensive. This contrasts with a monoline policy, which covers only one type of insurance, such as only liability or only property coverage. The terms comprehensive coverage and bundle policy are less commonly used in the industry and might not specifically refer to the combination of multiple coverage parts in the same structured way that a package policy does.