Glossary of Insurance Terms
Coverage Selection
Selection one or more common coverage types as well as any additional coverage types you are interested in.
Common Coverage Types
General Liability
Protects the assets of a business in case of a lawsuit related to injury or property damage.
Business Owners Policy (BOP)
Combines general liability and business property coverage into a single policy.
Bonds
Two major types:
Surety – Guarantees compliance with local laws and fulfillment of contractual obligations.
Fidelity – Protects business for losses related to fraudulent employee acts.
Commercial Auto
Provides coverage for business-use vehicles. Can range from one car to an entire fleet.
Directors & Officers Liability
Provides financial protection for directors and officers in case of a lawsuit related to the performance of their duties as they relate to the company.
Employer’s Practices Liability Insurance (EPLI)
Provides defense protection coverage for claims from employees against employers for errors and omissions in carrying out legal duties, obligation and responsibilities in the employee/employer relationship, particularly as it relates to, but not limited to, employee benefits.
Professional Liability/Errors & Omissions (E&O)
Provides protection in the event that an error or omission by the business or its employees has caused a financial loss for a client.
Workers Compensation
Protects employers from lawsuits resulting from workplace accidents. Also provides medical care and lost income compensation to employees injured on the job.