General Liability
This core coverage pays for customer injuries, like a guest slipping on a wet floor inside a grocery store.
What is bodily injury liability?
This specific document summarizes all the basic details of a business policy, like the name, cost, and coverage limits.
What is the declarations page (or dec page)?
This type of auto coverage protects a business when an employee drives their own personal car for work errands and crashes.
What is non-owned auto liability?
This common acronym stands for the insurance that protects professionals like lawyers or architects against claims of bad advice or mistakes.
What is E&O (Errors and Omissions)?
The first official notification given to an insurance company that a loss has occurred or a claim is being made.
What is a First Notice of Loss (or FNOL)?
This part of a GL policy pays if a client's laptop is accidentally crushed by an employee working on site.
What is property damage liability?
This clause penalizes a business owner if they underinsure their building below a certain percentage of its total value.
What is coinsurance?
This coverage handles physical damage to a company vehicle if it hits an object or flips over.
What is collision coverage?
This policy protects corporate leaders from personal loss if stockholders sue them for poor business choices.
What is D&O (Directors and Officers liability)?
The specific action of taking steps to reduce the size or severity of a loss, such as boarding up broken windows after a storm.
What is mitigation (or mitigating the loss)?
This specific category of liability covers a business if its products make customers sick or cause injuries after being sold.
What is products-completed operations?
This coverage extension pays for the extra money needed to keep a business running at a temporary location after a disaster.
What is extra expense coverage?
This coverage pays for damage to company trucks from non-crash events like hail, wind, theft, or vandalism.
What is comprehensive coverage?
This coverage handles financial losses from digital extortion, data breaches, and hacked computer networks.
What is cyber liability insurance?
Funds set aside by an insurance company to pay for the estimated ultimate cost of a specific open claim that has not been settled yet.
What is a claim reserve (or loss reserve)?