Glossary

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B
Business Owner’s Policy

Bundled insurance that includes General Liability and Property, and can also include Hired and Non-Owned Auto Liability, Employee Benefits Liability, and Commercial Umbrella Insurance.

Business Auto Coverage

Protects against auto-related losses such as bodily injury and property damage caused by company vehicles, personal autos used on company business, or rental vehicles.

C
Cyber / Data Breach

Covers first-party costs associated with a data breach, including forensics, notification costs, and credit monitoring. Also protects from third-party lawsuits involving various Network Security and Privacy related losses, and protection against costs related to Cyber Extortion; Regulatory Fines and Penalties; and PCI Fines, Penalties, and Assessments.

Commercial Property

Protects your company’s assets from numerous types of losses, including theft and fire.

Commercial Package

Bundled insurance that includes General Liability and Property, and can also include Business Auto coverage, Employee Benefits Liability, and Umbrella coverage.

Commercial General Liability

Covers bodily injury, personal injury, and property damage caused by operations, products, or injury that occurs on company premises.

Crime

Covers money, securities and other property against various criminal acts such as employee dishonesty, robbery, forgery, extortion, and computer fraud.

D
Directors and Officers Liability

Covers defense costs and damages (awards and settlements) from wrongful acts, allegations, and lawsuits brought against your company’s board of directors and/or officers. Also known as D&O.

E
Excess Liability

Provides additional limits of liability when underlying insurance limits, such as General Liability or Auto Liability, are exhausted by claim payments. Adds higher limits of liability on top of underlying policies, but unlike Umbrella, Excess does not cover gaps in underlying coverage.

Employment Practices Liability

Covers against claims and allegations by employees that their legal rights as employees of your company have been violated. Example claims include wrongful termination, sexual harassment, and discrimination.

F
Fiduciary

Protects the assets of businesses and employers against fiduciary-related claims related to employee benefit plans, including the cost of defending those claims.

P
Professional Liability / Errors and Omissions

Protects from lawsuits brought by a client claiming financial injury from a service or product you provide and for which you are held legally liable. Also known as E&O.

U
Umbrella Liability

Provides additional limits of liability when underlying insurance limits, such as General Liability or Auto Liability, are exhausted by claim payments. Adds higher limits of liability on top of underlying policies, and can also cover gaps in underlying coverage.

W
Workers’ Compensation and Employer’s Liability

A mandatory policy that provides benefits to your employees for injuries and illnesses arising out of and in the course of employment. Also known as Workers’ Comp.