|Business Owner's Policy
A BOP is a package that bundles property and liability insurance
together through one affordable premium. The coverage is relatively
broad and meant to appeal to small businesses with 100 or fewer
A form of insurance designed to protect owners and operators of
businesses from a wide variety if liability exposures. These exposures
could include liability arising out of accidents resulting from
the premises or the operations of an insured, products sold by the
insured, operations completed by the insured, and contractual liability
Insurance that indemnifies a person with an interest in physical
property for its loss or the loss of its income producing abilities.
This definition encompasses all lines of insurance written by Property
and Inland Marine insurers and can also include certain kinds of
insurance written by Casualty insurers, e.g., Burglary and Plate
Liability insurance requiring certain employers to pay benefits
and furnish medical care to employees for on-the-job injuries, and
to pay benefits to dependents of employees killed by occupational
Professional Liability/ Errors & Omissions (E&O)
(1) A form of insurance that indemnifies the insured for any loss
sustained because of an error or oversight on his part. For instance,
an insurance agency purchases this type of coverage to protect itself
against losses from such things as failing to issue a policy. (2)
A form of insurance which covers losses resulting from financial
institutions failing to effect insurance coverage.
Directors & Officers (D&O)
Insurance that protects directors and officers from liability claims
arising out of alleged errors in judgment, breaches of duty, and
wrongful acts related to their organizational activities.
Many vehicles used in business (such as private passenger cars,
pickups, light vans, and sport utility vehicles) can be insured
in the same manner as your private automobiles. Typically, the same
coverages are available to protect you against liability claims
that arise out of the operation of the business vehicle. Other coverages,
such as protection for damage to the vehicle itself are also available.
A broad type of insurance, generally covering articles that may
be transported from one place to another as well as bridges, tunnels
and other means of transportation. It includes goods in transit
(generally excepting transoceanic) as well as numerous "floater"
policies such as personal effects, personal property, jewelry, furs,
and other such items.
Umbrella (Supplemental Liability)
A coverage basically affording high limit coverage in excess of
the limits of the primary policies as well as additional liability
coverages. These additional coverages are usually subject to a substantial
self-insured retention. The term "umbrella" is derived
from the fact that it is a separate policy over and above any other
basic Liability policies the insured may have.
Protection for a business owner against losses resulting from a
temporary shutdown because of fire or other insured peril. The insurance
provides reimbursement for lost net profits and necessary continuing
Key Person Life
Insurance designed to protect a business against the loss of income
resulting from the disability or death of an employee in a significant