Search results
The term “compensation” in small business insurance refers to the amount that the insurance company has agreed to pay for covered losses that are stated in your policy. So, if you have a business income insurance policy with a coverage limit of $10,000, that’s how much your policy will pay if you need to temporarily shut down from a ...
- Glossary of Business Insurance Terms
Business Owner’s Policy (BOP) A Business Owner’s Policy...
- Glossary of Business Insurance Terms
Jul 13, 2022 · Business Owner’s Policy (BOP) A Business Owner’s Policy includes three essential coverages many business owners need to help protect them from claims of bodily injury or property damage to others. A BOP includes: General liability insurance. Business income insurance. Commercial property insurance.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general ...
- 704 S State Rd 135 Suite D #421, Greenwood, 46143, IN
- (317) 534-6800
- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
- Absolute Liability. Liability for damages even though fault or negligence cannot be proven. Certain situations create absolute liability for the manufacturer a product or the provider of a service.
- Accident. An event or occurrence which is unforeseen and unintended. Accidental is an important concept of risk for insurance. The more unlikely the accident or the occurrence, the less expensive it is to insure.
- Accident and Health Insurance. A type of coverage that pays benefits, when an accident occurrs or a medical problem arrises, sometimes including reimbursement for loss of income, in case of sickness, accidental injury, or accidental death.
- Accident Insurance. A form of health insurance against loss by accidental bodily injury.
Jan 31, 2024 · Insurance policies are laden with terms like "premiums," "deductibles," and "exclusions." These terms may seem straightforward to industry experts but can leave the average person scratching their head. The need for clarity in insurance policy terms cannot be overstated. Policyholders should understand what they are purchasing, what is covered ...
People also ask
What is “compensation” in small business insurance?
What is a glossary of business insurance terms?
What are insurance terms?
What is a policy term?
What is the difference between workers' compensation and insurance?
How does workers' compensation insurance work?
Uninsured and Underinsured Motorist Coverage. Valuable Papers and Records Coverage. Vicarious Liability. Voluntary Property Damage. Workers’ Compensation Insurance. Workers’ Compensation State Fund. This glossary provides definitions and explanations of the most common business insurance terms you may encounter in commercial insurance ...
