Glossary

Commercial Property – Property insurance covers everything related to the loss and damage of your business property due to a variety of events like fire, smoke, wind and hail storms, civil disobedience and vandalism. The definition of “property” is broad, and can include lost income, business interruption, buildings, computers, company papers and money.

General Liability – A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury and property damage arising out of premises operations, products completed operations, advertising and personal injury liability.  These policies protect against payments as the result of bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits.

Professional Liability Insurance – Covers professionals for negligence and errors or omissions that injure their clients.  Generally, such policies are designed to cover financial losses rather than liability for bodily injury and property damage and sometimes required by government.

Auto – A commercial auto policy can include auto liability and auto physical damage coverages.  Additional coverage’s are available. The business auto policy (BAP) addresses the needs of most commercial entities as respects auto insurance.  

Workers Compensation – Insurance that pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. State laws, which vary significantly, govern the amount of benefits paid and other compensation provisions.

Inland Marine – Property insurance for property in transit over land.  Many inland marine coverage forms provide coverage without regard to the location of the covered property; these are called “floater” policies and include contractors tools and equipment.  As a group, inland marine coverage forms are generally broader than property coverage forms.

Umbrella – Provides protection against catastrophic losses. Generally it is written over various primary liability policies, such as the business auto policy, commercial general liability policy, watercraft and aircraft liability policies, and employers liability coverage.

Flood Coverage – Coverage for damage to property caused by flood. Coverage may be available from the National Flood Insurance Program (NFIP).

Garage Dealers Liability – Provides the legal liability of franchised and non-franchised automobile, truck, truck-tractor, motorcycle, recreational vehicle, and trailer dealers for claims of bodily injury and property damage arising out of business operations. It includes two separate insuring agreements, “who is an insured” provisions, and “limit of insurance” provisions—one dealing with garage operations involving the ownership, maintenance, or use of autos and the other dealing with all other garage operations.

Liquor Liability – Coverage for bodily injury or property damage caused by an intoxicated person who was served liquor by the policyholder.

Surety Bond – A contract guaranteeing the performance of a specific obligation. Simply put, it is a three party agreement under which one party, the surety company, answers to a second party, the owner, creditor or obligee, for a third party debts, default or nonperformance. The surety company becomes responsible for carrying out the work or paying for the loss up to the bond penalty if the contractor fails to perform.

Farm and Ranch – Comprehensive insurance coverage to protect farm, machinery and livestock – customized to your needs.  Coverages for property, farm auto and full ranch available.

Equine Liability – Horse related businesses, including boarding stables, breeding farms, trainers, care, custody and control coverage.  Coverage’s are also available for rodeos, trail rides, fairs and riding clubs.

Equine Mortality – includes theft coverage, major medical, trip transit, and infertility for stallions.