Back to Basics
Protection against possible loss
What is insurance?
This coverage would help cover legal cost, if a business is sued for damages caused by an intoxicated person after that business served them alcohol.
What is Liquor Liability?
EPLI (Employment Practices Liability Insurance) can be added to some BOPs or sold as a standalone policy.
True
This is another way to describe a BOP
What is Homeowners for business?
This is another name for E&O (Errors and Omissions) Coverage.
What is Professional Liability?
A legal responsibility for the financial cost of another person's losses or injuries
What is liability?
Reimburses businesses when power outages ruin perishable items. Often purchased by restaurants.
What is Spoilage?
General Liability (GL) covers third party Bodily Injury, Property Damage, and Personal Injury.
True
A BOP is a combined package policy that provides which two essential coverages?
What is Commercial Property and General Liability?
What coverage is needed for vehicles you may hire for the business, such as rental vehicles?
What is Hired Auto Coverage?
A fee paid for insurance
What is Premium?
Coverage for businesses who have possession of other peoples property.
What is Bailee Coverage?
The registration of a vehicle does not have to be in the name of the business to qualify for a Commercial Auto policy.
False
This endorsement extends a client's coverage to another person or organization for work being performed within the scope of the policyholder's business.
What is an Additional Insured?
Insurance that extends some limits for liability claims made on general liability, commercial auto, or worker's compensation policies
What is an umbrella?
Sole proprietors, partnerships and corporations.
What are business entity types?
Insurance that helps protect clients tools and equipment used on a job site.
What is Inland Marine/Tools and Equipment/Property Floater?
A customer drops their laptop when they trip over a box in the clients store, a client's property coverage (BPP) WOULD cover the loss.
False - BPP only covers the property of the insured. This would fall under the general liability.
Contractual provision whereby an insured waives the right of their insurance carrier to seek compensation for losses from a negligent third party.
What is Waiver of Subrogation?
A policy designed to cover movable commercial property, wherever it may be located
What is a commercial floater/Inland Marine?
Contents within the insured's building
What is Business Personal Property (BPP)?
What is Garage Keepers?
An employee gets into an accident while making a delivery to a customer and damages their personal vehicle, the client's Commercial Building Coverage would NOT cover the loss?
True - This would fall under the non-owned auto
This language on a policy protects an additional insured's policy from contributing toward payment DURING a claim.
What is primary and noncontributory?
The type of endorsement that will cover employers in case of lawsuits brought on by their employees? Such as:
- Sexual Harassment
- Discrimination
- Wrongful Termination
What is EPLI - Employment Liability Insurance?