Accelerated Benefits - pays out a capital sum if the policyholder is diagnosed with a terminal illness from which the policyholder is expected to die within 12 months of diagnosis, by a physician who specializes in that illness or condition.
Account current -billing statement sent to producer from the insurance company
Accounts Receivable and/or Valuable Papers - Insurance coverage for loss of records.
Boiler & Machinery - also known as boiler and machinery insurance or equipment breakdown insurance)
insures against accidental physical damage to equipment or machinery.
Business insurance - can be any kind of insurance that protects businesses against risks. Some principal subtypes of business insurance are (a) the various kinds of professional liability insurance, also called professional indemnity insurance, which are discussed below under that name; and (b) the business owner's policy (BOP), which bundles into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners insurance bundles the coverages that a homeowner needs.
Business Auto - Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage:
- Property coverage pays for damage to or theft of your car.
- Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
- Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses
Business Income - Insurance covering you business income from loss up to 12 months.
Commercial Property - provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, and earthquake insurance. Property is insured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion and theft.
Commercial Umbrella -refers to insuring more than one property as opposed to insuring only one. Typically, an umbrella policy is pure liability coverage over and above the coverage afforded by the regular policy, and is sold in increments of one million dollars. The term "umbrella" is used because it covers liability claims from all policies underneath it, such as autos and homeowners policies. For example, if you have an auto insurance policy with liability limits of $500,000 and a Homeowners policy with a limit of $300,000, then with a million dollar umbrella, your limits become in effect, $1,500,000 on the auto policy and $1,300,000 on a homeowners liability claim. Umbrella policies are mainly used by those who have sizable unencumbered assets, such as a home with a large amount of equity to ensure that even a catastrophic claim will not allow those assets to be placed at risk.
Crime - insurance to cover losses due to victimization by criminals. Many businesses
purchase crime insurance that allows them to file claims for employee theft or
other offenses with the potential to cause financial ruin. Anarcho-capitalists favor the use of crime insurance by individuals as well, to cover losses due to murder, rape, and other violent crimes in addition to property crimes; this type of crime insurance is termed aggression insurance.
Directors & Officers Liability - Insurance (often called D&O) is insurance payable to the directors and officers of a company, or to the corporation itself, to cover damages or defense costs in the event they are sued for wrongful acts while they were with that company.
Employee Dishonesty - covers your business for loss due to employee dishonesty.
Employment Practices Liability - Insurance to protect against sexual harassment, discrimination, wrongful termination, etc.
Electronic Data Processing - Electronic equipment, computers, software, etc.
Equipment Floater - mobile equipment insurance
General Liability - is a part of the general insurance system of risk financing. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss. The modern system relies on dedicated carriers to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally and contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the right to defend the insured. The legal costs of a defense are not always affected by any policy limits, which is useful because they can be significant where long trials are held to determine either fault or the amount of damages.
Glass and Sign - Coverage for loss or damage to windows and outdoor signs caused by or resulting from a covered cause of loss.
Group Life Insurance - Group life insurance: is term insurance covering a group of people, usually
employees of a company or members of a union or association. Individual proof of
insurability is not normally a consideration in the underwriting. Rather, the
underwriter considers the size and turnover of the group, and the financial
strength of the group. Contract provisions will attempt to exclude the
possibility of adverse selection. Group life insurance often has a provision
that a member exiting the group has the right to buy individual insurance
coverage.
Hired and Non-Owned Auto - If you or your employees rent vehicles or use personal cars for business use, you need this coverage. Of course, if your business owns automobiles, you need Business Auto Insurance.
Insurance Rate - The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice
Installation/ Builders Risk - is a special type of property insurance which indemnifies against damage to buildings while they are under construction
Professional Liability - also called Professional Indemnity Insurance, protects professional practitioners such as architects, lawyers, physicians, and accountants against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called Medical Malpractice. Notaries public may take out errors and omissions insurance (E&O). Other potential E&O policyholders include, for example, real estate brokers, home inspectors, appraisers, and web site developers. There are also specific E&O policies for technology companies, such as software developers, technology consultants and other creators of technology. This coverage focuses on the failure to perform, financial loss and error or omission of the products or services sold. Additional coverage for breach of warranty, intellectual property, personal injury, security and cost of contract can be added.
Workers' Compensation - (colloquially known as workers' comp in North America or compo in Australia) is a form of insurance that provides compensation medical care for employees who are injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. The tradeoff between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain." While plans differ between jurisdictions, provision can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance), and benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance). General damages for pain and suffering, and punitive damages for employer negligence, are generally not available in worker compensation plans.
