As you’re looking into business insurance, you may come across terms or jargon that appear complicated, especially when reviewing contracts and agreements. This glossary aims to demystify many of the most commonly used commercial insurance terms so that you can better equip yourself when researching and securing insurance for your business.
A-D
ACORD
Actual Cash Value
Additional Insured
Admitted vs. Non-Admitted Insurance Carriers
Bailee’s Customer Insurance
Bobtail Insurance
Buffer Liability Insurance
Builder’s Risk Insurance
Business Income Insurance
Business Interruption Insurance
Business Owner’s Policy (BOP)
Captive Agent vs. Independent Agent
Carrier Rating
Casualty Insurance
Certificate of Insurance (COI)
Claims-made Insurance Policy
Coinsurance
Commercial Auto Insurance
Commercial Umbrella Insurance
Construction Wrap-up Insurance
Contingent Business Interruption Insurance
Contractor vs. Subcontractor
COPE
Cyber Liability
Data Breach Insurance
Dealers’ Open Lot Coverage
Disability Insurance
Discontinued Products and Operations Coverage
E-H
Employee Benefits Liability Coverage
Employee Theft Coverage
Employers Liability Insurance
Employment Practices Liability Insurance (EPLI)
ERISA Fidelity Bond
Equipment Breakdown Coverage
Errors and Omissions Insurance (E&O)
Excess Liability Insurance
Extra Expense Insurance
Fidelity Bond
Fiduciary Liability Insurance
Garage Liability Insurance
Garagekeepers Insurance
General Liability Insurance
Hired and Non-owned Auto Insurance
Hold Harmless Agreement
I-L
Inland Marine Insurance
Installation Floater
Insurance Agent
Insurance Broker
Insurance Endorsements
Key Person Insurance
Kidnap and Ransom Insurance
Landlord Insurance
Liability Insurance
Liquor Liability Insurance
Loss Payee
Loss Runs
M-P
Management Liability Insurance
Media Liability Insurance
Medical Malpractice Insurance
Motor Truck Cargo Coverage
Non-trucking Liability Insurance
Occurrence-based Insurance Policy
Ocean Marine Insurance
Personal and Advertising Injury
Pollution Liability Insurance
Product Recall Insurance
Products and Completed Operations
Professional Liability Insurance
Property Insurance
Protection and Indemnity Insurance
Public Liability Insurance
Q-T
Ransomware Insurance Coverage
Replacement Value
Representation and Warranty Insurance
Reputational Risk Insurance
Rider
Risk Retention Group
Self-Insured Retention
Stock Throughput Policy
Stop Gap Coverage
Subrogation
Supplementary Payments
Surety Bond
Terrorism Insurance
Trade Credit Insurance
U-Z
Utility Service Interruption Coverage
Uninsured and Underinsured Motorist Coverage
Valuable Papers and Records Coverage
Vicarious Liability
Voluntary Property Damage
Workers’ Compensation Insurance
Workers’ Compensation State Fund
