Business Basics
This type of insurance covers damage to a company’s property caused by fire, theft, or natural disasters.
What is commercial property insurance?
Unlike agents who work for one insurance company, these types of agents are able to work with multiple insurance carriers?
What is an independent agent?
This is the amount you must pay out-of-pocket before your insurance company starts covering costs.
What is a deductible?
This type of insurance helps replace your income if you’re unable to work due to illness or injury.
What is disability insurance?
This term refers to the process of formally notifying your insurance company of a loss or damage.
What is filing a claim?
A requirement in most states, this policy protects employers from claims arising from workplace injuries.
What is workers' compensation insurance?
Independent agents provide this personalized service, ensuring policies are tailored to unique needs.
What is customized coverage?
This term refers to the regular payment you make to keep your insurance policy active.
What is a premium?
This insurance type provides financial protection for your family in the event of your death.
What is life insurance?
In insurance, this term refers to the maximum amount an insurer will pay for a covered loss.
What is a coverage limit?
This coverage protects businesses from lawsuits related to customer injuries or property damage.
What is general liability insurance?
Independent agents can assist you with this process when it's time to reevaluate your insurance needs.
What is reviewing and updating policies?
This clause in an insurance policy specifies what is not covered by the insurer.
What are exclusions?
This type of business insurance protects against financial losses due to theft, fraud, or employee dishonesty.
What is crime insurance?
This type of policy endorsement modifies or extends the coverage provided by the original insurance policy.
What is a rider or endorsement?
This type of insurance combines general liability and property insurance into a single policy for small businesses.
What is a Business Owners Policy (or package)?
Independent agencies like Alliance West Insurance offer this added layer of expertise and advocacy in claims situations.
What is support and guidance?
This document provides a summary of your insurance policy, including coverage limits and terms.
What is a declarations page?
Often required for renters, this insurance protects personal belongings and provides liability coverage.
What is renters’ insurance?
This term refers to the event or risk that triggers an insurance payout.
What is a covered peril?
This coverage is essential for businesses providing advice or professional services to protect against negligence claims.
What is professional liability insurance?
Working with an independent agent often saves businesses money by doing this.
What is shopping around for competitive rates?
This type of insurance covers liability and property damage caused by accidents involving a vehicle you own.
What is auto insurance?
This insurance provides coverage for legal defense and damages if your actions or products cause harm to others.
What is liability insurance?
When multiple insurance policies apply to the same claim, this provision determines the order of payment.
What is coordination of benefits?