What type of insurance policy includes liability and property damage coverage in one premium?

A package policy is designed to combine multiple types of coverage into a single policy, typically under one premium payment. This is particularly beneficial for individuals or businesses seeking an efficient way to manage their insurance needs, as it can offer both liability and property damage coverage together.

This type of policy streamlines the coverage process, making it easier for policyholders to understand their risks and what is protected without having to manage multiple different policies and premiums. Package policies are often used in situations where several types of coverage are necessary, such as in homeowners insurance, where both property damage (to the home and belongings) and liability coverage (for injuries that may occur on the property) are required.

In contrast, options like a single risk policy typically cover only one specific type of risk or property and don't combine multiple coverages. Comprehensive policies may imply broad coverage but don't necessarily consolidate different types of insurance under a single premium the way a package policy does. Basic policies often provide minimal coverage and may not include the combination of liability and property damage that is characteristic of a package policy.