Commercial Insurance

Insurance for financial institutions against losses from burglary, robbery, and criminal attacks on money, securities, and business records.

A cause of loss form lists the specific perils an insurance contract covers or excludes.

An insurance agency that distributes multiple classes of insurance products for the same firm.

Expediting expenses are extra costs incurred after a covered property loss to repair or replace damaged property faster than ordinary timing would allow.

Dram shop liability insurance protects alcohol-serving businesses against covered claims that their service of alcohol contributed to injury or property damage.

A commercial auto-style form used for businesses such as dealers, repair shops, and service stations that have both liability and garage operations exposures.

Business liability insurance protects a company against financial exposure from claims for injuries, property damage, or other legal wrongs.

A broad business liability form that covers many third-party bodily injury, property damage, and related defense exposures.

An employee dishonesty coverage form insures against direct loss of money, securities, or other property caused by dishonest acts of employees.

Insurance products designed to protect businesses from property, liability, and operational losses.

A commercial property policy insures a business's buildings, business personal property, and related property interests against covered causes of loss.

A buy-back deductible lets the policyholder pay extra premium to remove or reduce deductible risk retention for a specific policy.

A contract type that a liability policy agrees to treat as covered for certain assumed tort liability obligations.

Explosion, collapse, and underground damage, often called XCU, are hazardous construction exposures that liability insurers may exclude, restrict, or underwrite carefully.

This endorsement modifies liability coverage to broaden protection for property damage to property in the insured’s care, custody, or control.

The institutional channel through which insurers and insureds connect, negotiate terms, and maintain policy lifecycle operations.

Business interruption insurance compensates for lost revenue and fixed costs caused by covered business shutdown.

A cancellation provision clause sets when and how a policy can be ended.

A commercial crime form designed to cover specified losses from employee dishonesty, missing property, and related crime exposures.

Specialized insurance for property damage and related liability arising from an elevator's collision or violent contact event.

Explosion insurance refers to property coverage for loss caused by explosion when that peril is included in the policy or added by endorsement.

The workers compensation classification that best describes the insured's business and usually carries the largest payroll.

Registered mail insurance covers certain valuables against loss while in transit by registered mail, subject to declared value, documentation, and policy terms.

Wrongful abstraction insurance covers losses from the theft or misappropriation of money, securities, or valuables, often tied to internal and external theft risk.

A captive agent represents one insurer or insurer group and sells only that carrier's products.

Property insurance for computers, related equipment, media, and certain income-loss exposures tied to data-processing operations.

A transfer of insurance policy rights to a lender or other creditor to secure a debt.

An extra expense coverage form pays necessary additional costs a business incurs to keep operating or reduce a shutdown after covered property damage.

An optional auto-rental coverage that waives the renter’s financial responsibility for certain physical damage.

Standardized insurance policy forms used for commercial lines, schedules, endorsements, and coverage extensions.

A temporary insurance document that confirms short-term coverage is in force while the final policy is prepared.

A person responsible for safeguarding property on premises for which the insured has care and control.

Basic form rates are standardized property insurance rate structures used for straightforward property coverage with baseline coverage terms.

An agent authorized to write or produce multiple insurance product lines through one agency structure.

An additional period after policy or bond termination during which covered losses from earlier acts may still be discovered and reported.

A dishonest act by an employee that causes direct financial loss to the employer.

An extended reporting period gives the insured extra time to report claims under a claims-made liability policy after the policy ends.

A legacy commercial auto structure that has largely transitioned to modern business auto coverage form language.

A combined package that covers property damage and third-party liability exposures under a coordinated commercial structure.

A buy-sell agreement defines how ownership interests transfer after specified life or disability events in a closely held business.

The person or institution that holds a secured claim against insurance proceeds.

A commission paid to agents or service providers for collecting premiums or maintaining premium payments.

Commercial lines are insurance coverages written for businesses, organizations, and commercial operations rather than for individual personal risks.

A dependent property that supplies materials, goods, or services to the insured, and whose shutdown can trigger business income coverage if the policy includes that exposure.

A drive other car endorsement extends auto liability and sometimes other coverages to a named individual while using certain non-owned autos.

A form of business interruption coverage designed to replace lost earnings after covered property damage, often written for smaller risks without a coinsurance clause.

The dishonest taking or misuse of money or property by someone who was entrusted with it, which matters in insurance because it can trigger crime or fidelity coverage issues.

The amount of insurance available above a basic or underlying liability limit.

Exhibitions insurance covers property while it is being transported to, displayed at, and returned from a trade show, fair, gallery, or similar exhibition.

A payment or stipend an insurer gives an agent to help cover business expenses in addition to commission compensation.

Premises burglary is theft from an insured location involving unlawful entry, typically covered under commercial crime forms when policy conditions are met.

The maximum total amount payable under a policy for all covered claims within a period.

A trade organization for property and casualty insurers.

A group of insurers that jointly underwrite large risks and share premiums and losses.

A fidelity insurance form that protects a bank against losses caused by dishonest acts of specified employees and related criminal schemes.

A single contract that covers many people in a class under one set of terms.

The modern commercial vehicle policy framework for liability, collision, and physical damage on business autos.

Business crime insurance protects organizations against financial loss from internal and external criminal acts such as forgery, embezzlement, and robbery.

A set of commercial policies that protect a company, its employees, and its assets from financial loss.

A business risk exclusion removes coverage for losses caused by certain operational or product risks that are not considered insurable under the policy.

Owned by its parent to insure that parent and related entities.

The portion of an auto liability event assigned to the insured driver as responsible for the loss.

A charge added when premiums are collected outside normal payment timing or require special follow-up.

A policy structure that combines multiple coverages or policy forms into one document.

Insurance that protects businesses from losses caused by late or defaulted payments from debtors.

Protection against business losses from forged instruments, fake payment documents, and related fraudulent payment risks.

A rating and rules reference used to classify commercial risks and apply pricing rules in business insurance.

An insurance arrangement in which two or more insurers each accept a stated share of the same risk.

Druggists' liability insurance covers pharmacy liability arising from dispensing errors, labeling mistakes, and other professional mistakes in pharmacy operations.

Employer's non-ownership liability insurance protects a business when employees use their own vehicles for company business and the employer is sued for resulting auto liability.

Equipment breakdown insurance covers sudden accidental mechanical or electrical failure of covered equipment and the business losses that follow.

A movable-property policy that follows covered equipment from place to place instead of limiting coverage to one insured location.

Errors and omissions insurance protects professionals against claims that their mistakes, bad advice, or missed actions caused a client financial harm.

Excess insurance provides an additional layer of protection after the underlying policy or self-insured layer has been exhausted.

A rating factor that adjusts premium based on an employer's actual loss experience compared with similar insureds.

Learn about the Schedule Rating Plan in vehicle insurance, which allows adjustments based on specific features of commercial risks.

Understand the concept of a subrogation waiver in property insurance, the importance of this waiver in policy agreements, and its implications on claim processes.

The maximum amount an insurer will pay for all claims in a policy year for a class of coverage.

A fidelity bond that covers all or most employees for losses caused by dishonest acts, unless specifically excluded.

The organizational model that sources, advises, and services insurance clients across multiple carriers and products.

Business life and health insurance combines personal risk protection for owners or key employees with workforce support goals.

Cargo insurance protects goods in transit against loss, damage, theft, or delay-related exposure.

In insurance, a carrier is the insurer that underwrites and issues policies.

A bond with a single aggregate limit for multiple employee or operational loss exposures.

A policy form that defines business crime protections such as employee dishonesty and related losses.

A for-profit insurer that provides policies and risk management services to individuals, employees, and organizations.

A commercial package policy combines multiple commercial coverage parts under one policy structure for a business insured.

A commercial property floater covers movable business property that may travel or be used at multiple locations, often on a scheduled or blanket basis.

Completed operations insurance covers liability claims arising after a contractor's or business's work has been finished and put to its intended use.

Standardized premium tables and minimum rates used across broad markets in commercial underwriting manuals.

Common underwriting and rating rules used across classes and territories as a baseline for commercial policy issuance.

Dram shop laws can make alcohol-serving businesses liable when service to an intoxicated or underage person contributes to injury or property damage.

Employer's liability coverage protects an employer against certain employee injury claims that fall outside ordinary workers compensation benefits.

An endorsement extending the period of indemnity lengthens business interruption protection beyond physical reopening so the insured has more time to recover income.

Environmental restoration means the cleanup and repair costs tied to restoring land, water, or other natural resources after a covered pollution or environmental loss.

A licensed intermediary who places insurance with eligible nonadmitted insurers when the admitted market cannot or will not write the risk.

A payment arrangement under which an insurer reimburses or credits an agent for approved business expenses in addition to commissions.

Auto liability coverage that broadens protection for an insured using vehicles they do not own, subject to the policy's terms and exclusions.

An extended period of indemnity continues business-income coverage after operations resume, while the insured's revenue is still recovering from a covered property loss.

A forgery or alteration coverage form protects a business against loss when checks, drafts, or similar instruments are forged or fraudulently altered.