Commercial Insurance Policies
The amount an insured party must pay out-of-pocket before an insurer begins to pay
What is a Deductible?
This insurance protects businesses from lawsuits related to bodily injury or property damage caused by their operations.
What is Commercial General Liability Insurance?
In a CGL policy, the insured includes this group, in addition to the named insured
Who are additional insureds
This document is often required by lienholders to show proof of auto insurance
What is a Certificate of Insurance/Pink Card?
This extension helps to cover additional costs associated with re-establishing operations after a covered loss, like the installation of temporary equipment.
What is Extra Expense Coverage?
he process of determining the value of an insured item in case of loss.
What is Appraisal?
This insurance protects businesses from financial losses due to unforeseen events that interrupt their operations
What is Business Interruption Insurance?
This is the Canadian standard legal test for negligence.
What is the "reasonable person" test?
This optional coverage pays for damage to your own vehicle regardless of fault.
What is Collision coverage?
This endorsement provides additional protection for building owners if the insured structure is damaged by vandalism or tenant-related incidents, even after they’ve vacated the property
What is the Vacant Building Coverage?
The person or entity who is insured under a policy.
What is an Insured?
This type of insurance protects against financial losses due to property damage or liability
What is Commercial Package Insurance Policy?
This CGL coverage responds to injuries that occur on the insured's premises.
What is Premises Liability?
This province first used the no-fault Mandatory Accident Benefits system.
What is Ontario?
This endorsement covers property loss or damage resulting from a variety of natural disasters, like floods, that are typically excluded from standard policies
What is Flood Insurance?
A contract between an insurance company and a policyholder
What is an Insurance Policy?
This insurance covers the cost of replacing or repairing damaged equipment.
What is Equipment Breakdown Insurance?
This coverage extension covers liability for work already completed.
What is Products-Completed Operations coverage?
his coverage pays for loss or damage to your own commercial vehicle caused by an uninsured driver.
What is Uninsured Motorist Coverage?
This endorsement provides coverage for loss of income when the insured property suffers damage that halts normal business operations.
What is Business Interruption Insurance?
This sales strategy focuses on offering additional products beyond initial needs.
What is Cross-selling?
This document must be presented to clients to ensure transparency in commissions.
What is a Disclosure Statement?
This part of the CGL policy protects against lawsuits from advertising mistakes.
What is Personal and Advertising Injury?
This optional coverage helps replace a rental or temporary vehicle while a commercial vehicle is being repaired
What is Loss of Use coverage?
This extension provides coverage for business property temporarily removed from the insured premises, such as equipment or inventory.
What is Off-Premises Coverage?