Business Insurance Basics
This policy is often considered the foundation of a business insurance program and covers bodily injury or property damage caused by your business.
What is General Liability Insurance?
This coverage pays for damage to your vehicle if you're in a collision, regardless of fault.
What is Collision Coverage?
A fire breaks out in a business’s kitchen and damages equipment and inventory.
What is Yes, it's covered under Commercial Property Insurance?
This is the biggest difference between a broker and a captive agent.
What is access to multiple insurance companies?
This type of insurance helps pay for lost income and expenses if your business has to temporarily close due to a covered loss.
What is Business Interruption Insurance?
If your business vehicle is stolen or damaged by something other than a collision, this coverage steps in.
What is Comprehensive Coverage?
An employee steals $5,000 in cash from the register.
What is No, not typically covered unless the policy includes Employee Dishonesty coverage or a Crime endorsement?
When rates increase with one carrier, a broker can help by doing this.
What is shop around for better coverage and pricing?
A Business Owner’s Policy, or BOP, typically bundles these two types of insurance.
What are General Liability and Property Insurance?
True or False: A personal auto policy will fully cover your vehicle if you're using it for deliveries for your small business.
What is False?
A customer slips and falls in the parking lot outside the business and breaks their wrist.
What is Yes, it’s covered under General Liability Insurance?
Unlike online quote bots, a broker can help identify the specific risks and gaps unique to your business.
What are coverage gaps or risk exposures?
Professional liability insurance is also commonly referred to by this two-letter abbreviation.
What is E&O (Errors & Omissions)?
Your commercial auto policy may not automatically cover this if you add a trailer or extra equipment to your work vehicle.
What is aftermarket modifications or permanently attached equipment?
A data breach exposes your customers’ personal information.
What is No, unless the business has Cyber Liability Insurance?
This is the personalized benefit of working with a broker vs. buying online or through a call center.
What is expert advice and long-term relationship-based service?
This insurance type is usually required when a business has employees, and it covers job-related injuries or illnesses.
What is Workers' Compensation Insurance?
A business using rental cars or employee-owned vehicles may need this type of coverage added to their policy.
What is Hired and Non-Owned Auto Liability?
A business is sued for a negative review they left on a competitor’s website, claiming it damaged that competitor’s reputation.
What is Possibly, if they have Personal & Advertising Injury coverage under General Liability, but it may be excluded depending on intent?
A broker doesn’t work for the insurance company—they work for you. This makes them your ally in this part of the insurance process.
What is finding the right coverage, not just the cheapest policy?