Business Insurance Glossary | Get a Free Quote |
A | B | C | D | E | F | G | H | I | J | K | L | M Accounts Receivable/Valuable Papers. Coverage for loss or damage to your documents and records caused by or resulting from a covered cause of loss. Bailee Coverage. Provides protection for your customer's property in your care, custody and control. Drycleaners, jewelry repair shops and others may need this coverage. Boiler & Machinery. Systems breakdown coverage for equipment and machinery exposures. Bonds. The bonding company guarantees the promise of and will answer for the failure of a person to deliver a promise to another. There are several different kinds of bonds available: 1. Contract bonds 2. License and permit bonds 3. Public official bonds 4. Judicial or court bonds 5. Federal surety bonds. Business Income. Provides coverage (usually up to 12 months) for loss of earnings and/or extra expense you sustain from an event covered by your policy. Commercial Property. In most cases, this provides coverage for "risks of direct physical loss" to your buildings and your business personal property. Losses from things like earthquakes, floods, decay and normal wear are not covered here. Commercial Umbrella. Provides broad higher limits of liability (usually 1 million and up) for catastrophic losses against the company in excess of your primary policy limits. Crime. There are 10 covered causes of loss in the crime policy. Some policies only cover one, while others cover more than one. They are: employee dishonesty, forgery and alteration, robbery, burglary, safe burglary, theft, disappearance, destruction, computer fraud and extortion. Directors & Officers Liability. (D&O) Protects the personal assets of the directors and officers in the event they are sued over the performance of their company related duties. Employee Dishonesty. Coverage for loss of your business and personal property, money and securities caused by dishonest acts committed by your employees. Employment Practices Liability. Protects the company against employment-related liability issues. Things like sexual harassment lawsuits, failure to promote, wrongful termination and discrimination are covered here. Electronic Data Processing. Covers your computer equipment and software. Equipment Floater. Coverage for direct physical loss to almost any type of portable or mobile contractor's equipment not approved for public road use, rental reimbursement is often added as well. Garage Keepers. Coverage for a customer's auto or auto equipment in the care, custody and control of the insured caused by or resulting from a covered cause of loss. Garage Liability. Coverage for liability and physical damage for dealerships, used car operations, repair shops, body shops, and service stations. This coverage combines components of the general liability, commercial auto and non-owned auto policies. General Liability. Coverage to protect your business against claims of bodily injury or property damage to others, arising out of injury on your premises, products you make or advertising and personal exposures. Claims are subject to occurrence and aggregate limits. Glass and Sign: Coverage for loss or damage to windows and outdoor signs caused by or resulting from a covered cause of loss. Hired and Non-Owned Auto. Gives coverage for exposures due to non-owned, borrowed, hired or leased vehicles used for business purposes that are not in the company, employee, or a company family member's name. Installation/ Builders Risk. Coverage for structures being built and temporary structures and the building site. Money and Securities. Coverage for theft, disappearance or destruction at your premises, at a bank, or while in transit. Coverage is sometimes automatically increased for special holidays. Motor Truck Cargo. Coverage for damage to property being transported on trucks. There are two different kinds of coverage, one for carriers who are held legally liable for damage to the property of others and one for damage to owners transporting their property on their own trucks. Off Premise Power Failure. Covers loss of earnings due to interruption of service from off premise utilities and communication services. Professional Liability. Also called E&O, provides protection when you are held legally liable for how you rendered or failed to render professional services. Tenants Legal Liability. Coverage for damages of a building in which you are held legally liable that you are renting. Workers' Compensation. Protection for your employees for on the job, or job-related injuries. Covers with or without regard to legal liability their medical expenses, rehabilitation costs, lost wages and pain and suffering. In most states, this is a required coverage if you have over three employees. |
