Property Exposures
This type of property includes land and structures permanently attached to it.
What is real property?
This is paid even when a business is not generating revenue.
What are continuing expenses?
A customer slips on your floor and breaks a leg. This type of liability applies.
What is premises liability?
A worker falling at a job site qualifies for this.
What is occupational injury?
This form covers business structures and their contents.
What is the Building and Personal Property (BPP) form?
This category of property includes furniture, computers, and some vehicles.
What is personal property (business personal property)?
Business income loss includes lost revenue plus these two types of expenses.
What are continuing and extra expenses?
This type of liability relates to a defective product harming a customer.
What is product liability?
These benefits replace lost wages due to work-related injuries.
What are disability income benefits?
This cause of loss form includes fire, lightning, explosion, and smoke.
What is the Basic form?
A forklift would be considered this type of property.
What is business personal property?
This might involve paying overtime for cleanup or relocation.
What are extra expenses?
This cost is incurred even if a business is not found liable.
What are legal defense costs?
This classification applies when a worker can’t return to any job—ever.
What is permanent total disability?
This form is more expensive than the basic form and includes falling objects.
What is the Broad form?
These three are examples of floating property.
What are cameras, tools, and contractor’s equipment?
Income loss might occur if a supplier’s building is damaged.
What is contingent business income loss?
When completed work causes BI or PD, this applies.
What is completed operations liability?
This group must provide workers comp even if the company isn’t theirs.
What are independent contractors with employees?
This form covers all causes of loss unless specifically excluded.
What is the Special form?
Name three catastrophic perils businesses face.
What are fire, flood, and earthquake (etc.)?
The formula to calculate business income loss.
What is lost revenue (or profit) + continuing and extra expenses?
Reputational damage after a lawsuit is an example of this.
What is reputational harm?
These two non-medical benefits help injured workers return to work.
What are rehabilitation and disability benefits?
This coverage option adjusts limits based on inflation.
What is the Inflation Guard Option?