These common terms are part of the language of insurance, and you’ll need some familiarity with them when you use the free web.archive.org business insurance quote system. The glossary will help you understand the insurance terms that your free quote will be referring to.
Boiler and machinery insurance: This portion of business insurance not only insures boilers and machinery, but electrical equipment as well, when they fail or break down; includes actual damage to the equipment as well as damage the failure may have caused to property.
Business interruption insurance: If you are unable to operate your business due to catastrophes and breakdowns, you are covered with this business insurance policy.
Comprehensive general liability: This segment of business insurance covers these four types of damage: property damage (or loss), physical damage or loss due to bodily injury, advertising injury, and personal injury.
Employers’ liability insurance: This compulsory business insurance policy covers employees in case of bodily injury or illness arising out of (and in the course of) employment.
Environmental/pollution insurance: A kind of liability/property insurance that covers a collection of risks due to the environment, such as asbestos.
Fidelity/bonding: In this portion of business insurance, this covers employers from loss due to employees’ theft, infidelity, dishonesty, and/or fraudulent acts, especially in businesses where employees have access to funds on a regular basis.
Fleet insurance: This is simply business auto insurance. It covers damages, injuries, , or theft of the vehicle; it can be applied to personal as well as rental cars that are used on company business.
Indemnified: Provides business insurance coverage against specified risks outlined in your business insurance quote.
Peril: An insurance risk; for example, if a company is insured against fire, then fire is the peril.
Proximate cause: In this segment of business insurance, this is the first event in a series that results in a claim. It is not always the one that is nearest in time to the event.
Self-insurance: When a business takes on the risk of its own losses, whether in part or in whole.
Umbrella insurance: This is an additional business insurance policy that covers liabilities beyond the limits of the basic business policy as its stated in your quote.
Workers’ compensation: When an employee becomes ill or injured due to job-related circumstances, he or she is covered under workers’ compensation insurance. Knowing these terms will make getting your business insurance quote easier and more understandable.