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Business Insurance Terms

Business insurance is a type of coverage that protects companies from financial losses due to various risks and unexpected events. This insurance can address a wide range of issues, including property damage, legal liability, employee-related risks, and business interruptions. By covering these and other potential problems, business insurance helps ensure a company's stability and continuity, allowing for quicker recovery from unforeseen events. It includes various policies, such as general liability, property insurance, workers' compensation, and professional liability insurance, each designed to meet specific business needs and exposures. Comprehensive business insurance is essential for protecting a company's assets, reputation, and financial well-being.

Business Interruption Insurance:

Covers the loss of income that a business suffers after a disaster.

Commercial Auto Insurance:

Provides coverage for vehicles used by a business, including cars, trucks, and vans.

Commercial General Liability (CGL) Insurance:

Protects a business from financial loss due to liability claims for bodily injury and property damage.

Cyber Liability Insurance:

Covers a business for losses caused by data breaches and other cyber events.

Directors and Officers (D&O) Insurance:

Protects the personal assets of corporate directors and officers in the event they are sued for alleged wrongful acts in managing a company.

Employment Practices Liability Insurance (EPLI): 

Covers claims made by employees against the company, such as discrimination, wrongful termination, and harassment.

Errors and Omissions (E&O) Insurance:

Also known as Professional Liability Insurance, it protects against claims of negligence or inadequate work.

Fidelity Bond:

Protects a business from loss due to employee theft or fraud.

General Aggregate Limit:

The maximum amount an insurer will pay for all claims during the policy period.

Inland Marine Insurance:

Covers property in transit over land, certain types of moveable property, and the property of others.

Liability Insurance:

Protects a business against legal claims for injury or damage.


The person or entity that owns an insurance policy.


The amount paid for an insurance policy.

Property Insurance:

Covers damage to or loss of the business's physical assets.

Surety Bond:

A contract among at least three parties to ensure obligations are met.

Umbrella Insurance:

Provides additional liability coverage beyond the limits of other policies.


The process an insurer uses to evaluate the risk of insuring a business and to decide the terms of the policy.

Workers' Compensation Insurance:

Provides benefits to employees for work-related injuries or illnesses.

Mon-Thu: 8:30-5:00   Friday: 8:30-4:00

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