Name That Policy!
This foundational policy covers a business if someone gets injured on the premises or if the business causes property damage to others.
What is General Liability?
Slippery floors, poor lighting, and unsecured entryways are all examples of this kind of business risk.
What is premise liability risk?
Who are employees?
This term refers to the amount a business pays to an insurer in exchange for coverage.
What is a premium?
After a customer slips and falls in a store, the business files this to begin the insurance process.
What is a claim?
A restaurant that experiences a kitchen fire and must shut down for a month would rely on this type of coverage to help with lost income.
What is Business Interruption Insurance?
To protect against theft, many retail businesses install this kind of system-often a requirement from insureres
What is a security or surveillance system?
In most general liability policies, this group of people-such as vendors or landlords- can be added for additional protection.
Who are additional insureds?
When determining premiums, insurers consider these business characteristics, like industry type, revenue, and number of employees.
What are underwriting factors?
What is late reporting or failure to notify?
If a company is hit by a ransomware attack and loses customer data, this policy steps in to cover legal fees, notifications, and recovery costs.
What is Cyber Liability Insurance?
This type of assessment helps businesses identify vulnerabilities before they become costly insurance claims.
What is a risk assessment or risk audit?
If a company vehicle is involved in an accident, this person is typically covered under commercial auto insurance- even if they're not the owner.
Who is an authorized driver or employee driver?
Choosing a higher one of these can help lower the premium.
What is a deductible?
A fire damages a bakery's ovens and inventory. While property insurance covers the equipment, this policy helps with loss of revenue.
What is business interruption coverage.
The insurance protects business owners from lawsuits brought by employees claiming discrimination, harassment, or wrongful termination
What is Employment Practices Liability Insurance (EPLI)?
A business that uses subcontractor but fails to verify their insurance coverage may face this type of costly exposure.
What is uninsured subcontractor risk?
This policy extension helps cover individuals like board members or executives who are personally sued for decisions made on behalf of the company.
What is Directors and Officers Insurance (D&O)?
A business with frequent insurance claims may be charged more on workers compensation because of this risk-based pricing principle.
What is experience modification rating?
If a business owner exaggerates damages in a claim, the insurer may deny it and potentially accuse them of this.
What is insurance fraud?
An architect is being sued for design errors that cause costly rework would rely on this specialized form of liability insurance.
What is Professional Liability Insurance?
To reduce the risk of large losses, some companies choose this strategy, where they absorb a portion of financial responsibility themselves
What is self-insurance or risk retention?
Independent contractors are not automatically covered under this type of policy unless specifically added or separately insured.
What is Workers Compensation Insurance?
Some commercial policies allow business to earn back part of their premium if claims are low, through this type of incentive.
What is a loss sensitive or dividend plan.
A professional services firm is sued for giving bad advice. If it didn't purchase this type of policy, it will face out of pocket legal costs.
What is Errors & Omissions Insurance? (E&O).