Business Insurance 101
You and your friends are at happy hour at your local watering hole. One of your friends, on a routine trip to the restroom, slips and falls due to the floor being wet. Your friend sustains injuries and decides to sue the watering hole for negligence. What type of insurance policy would provide coverage to the business owner?
What is general liability insurance?
The policy holders responsibility before the insurance company will pay a claim.
What is the deductible?
GL
What is General Liability?
Kevin electrician drives a vehicle for use in his business every day. Some guy decides to side-swipe him in a construction zone causing damage to his vehicle. What type of insurance would provide coverage for his losses?
What is commercial auto insurance?
Types of losses not covered by an insurance policy are considered what?
What are exclusions?
BOP
What is a Business Owners Policy?
A hailstorm causes damage to the roof of a building that is owned by a business. This type of insurance would provide coverage for repairs.
What is business property insurance?
Sometimes a lien holder will require a document that shows proof of insurance. What is this document referred as?
What is a binder?
BPP
Tina, one of your employees at your restaurant, decides that instead of slicing tomatoes for the salad, she would slice her finger instead. What type of policy would provide coverage to the business owner for Tina's injuries.
What is workers' compensation insurance?
When an insurance policy will compensate you for your property losses by buying new stuff for all of your old stuff.
What is replacement cost?
BAP
What is a Business Auto Policy?
A severe thunderstorm rips through Rochester and kills the power to your business for several days. During this time your yogurt shop can't continue to do business. What type of insurance policy would provide compensation to the business owner for lost income?
What is business interruption insurance?
Someone who has property in their care, custody, and control are considered this.
What is a bailee?
EPLI
What is Employment Practices Liability Insurance?