Know The Language
- Actual Cash Value: The fair market value of stolen or damaged property immediately preceding the loss.
- Aggregate: Total amount of money paid out by an insurance company for the total of all liability losses in a policy term.
- Assault & Battery: Emotional and physical injury resulting from altercations between patrons on your premises.
- Basic Form: Coverage for specifically listed perils.
- Bodily Injury: Physical injury to a person.
- Builders Risk: Also known as course of construction insurance, is property insurance that helps protect buildings under construction or renovation.
- Business Personal Property: Includes all supplies, equipment and any fixtures used in the operation of a business.
- Coinsurance: A property provision that states the amount of coverage that must be maintained as a percentage of the total value of the property at the time of loss.
- Cyber Liability: Covers your business' liability for a data breach involving sensitive customer information.
- Deductible: The amount of the loss which you are responsible to pay before benefits from the insurance company are payable.
- Depreciation: A decrease in value due to age, wear and tear, etc.
- Directors & Officer's Liability (D&O): Coverage for Directors and Officers of an organization if they are sued for Breach of Duty.
- Earthquake Insurance: Covers damage to your property and additional expenses in the event of an earthquake.
- Employee Dishonesty: Employee actions that may cause physical or financial harm to the business.
- Employment Practices Liability: Coverage for employers for things such as wrongful termination.
- Endorsement: Amendment to the policy used to add or delete coverage.
- Exclusion: Certain causes and conditions, listed in the policy, which are not covered.
- Expiration Date: The date on which the policy ends.
- Flood: Water damage caused by natural forces such as storms and rivers.
- General Liability: Covers to a third party resulting from the negligent or unintentional acts of an insured.
- Inception Date: The date on which the policy starts.
- Liquor Liability: Helps protect businesses that sell, serve or distribute alcohol by covering claims of bodily injury or property damage that an intoxicated customer causes after a company served them alcohol.
- Money & Securities: Protects against losses from the theft or robbery of money or securities from the insured's premises.
- Occurrence: Each accident or loss.
- Ordinance or Law: Covers the cost to rebuild as well as the cost to upgrade so that your building meets the most up-to-date building codes after a covered loss.
- Personal & Advertising Injury: Infringements on a person or business's personal or intellectual rights. Examples include libel and slander.
- Products & Completed Operations: Coverage for injury or damage resulting from a product or service you sell.
- Professional Liability and/or Errors & Omissions: Protection for errors or omissions made in the performing of professional services for the organization.
- Property Damage: Damage to another person's property.
- Replacement Cost: The full cost to repair an item or buy a new one once the repairs or purchases have been made.
- Special Events: Short term liability coverage in case someone is injured or damages the venue's property.
- Special Form: Protects property against any source of loss that is not specifically excluded.
- Spoilage Coverage: Damage to perishable stock resulting from a change in temperature or humidity.
- Tenant Improvement & Betterment: Fixtures, alterations, additions or installations made a permanent part of a building by and at the expense of the tenant, which may not legally be removed.
- Water damage: Damages caused by plumbing, toilets or human error.
- Workers Compensation Insurance: Coverage providing four types of benefits (medical care, death, disability, and rehabilitation) for employee job-related injuries or diseases as a matter of right (without regard to fault). All California employers must provide workers compensation benefits to their employees under California Labor Code Section 3700. If a business employs one or more employees, the business must provide workers compensation coverage for each of those employees.