123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL Business >> View Article

Common Commercial Business Insurance Terms Explained

By Expert Author: Stam Bett

If you're planning to renew your company's business insurance or buy a new policy, it's easy to get overwhelmed. Commercial business insurance can be daunting, and the industry jargon can make it more complicated than it should be. Because making sure your business is properly insured against risk, it's your responsibility to understand these terms, although your agent or insurance company will help. Here are some terms you may run across when you're buying business insurance in Miami, FL or anywhere else.

Advertising Injury: This is damage that arises from oral or written advertisements that libel or slander another business or entity's products, services or goods.

Aggregate Limit: This is the maximum amount of coverage for a general business liability insurance policy or property damage policy. It may be figured per occurrence or for the entire policy term.

Agreed Amount Endorsement: This is an agreement by your insurance company that there will be no coinsurance penalty at the time of a claim.

Alternative Dispute Resolution: This means that rather using the court system to settle disputes, parties must use methods such as mediation and arbitration.

Annual Aggregate: The maximum amount your commercial business insurance policy will pay out during a one-year period.

Bodily Injury: This is any disease, physical injury or sickness sustained by someone, including death. You will see this term on a general business liability insurance policy that covers you if someone is hurt on your property.

Business Owners Policy (BOP): This is an insurance policy that combines business general liability insurance, property insurance and business interruption coverage.

Catastrophe: This describes an act of nature causing severe damage, including tornadoes, earthquakes and floods.

Commercial General Liability Insurance (CGL): This is business general liability insurance that covers liability such as product liability, or liability exposure from your premises, operations or contractors.

Deductible: This is the portion of your claim that you must pay for. Larger deductibles will result in lower insurance premiums.

Named Peril: A specific event or occurrence covered by your insurance policy.

Negligence: The failure to use reasonable care.

No-Fault: This is an insurance procedure in which the policyholder's insurance pays for injuries regardless of who caused the accident.

Personal and Advertising Injury: This is an injury that results from false arrest or detention, oral or written publications, or the use of someone else's ideas.

Product Liability: This is a decision of who may sue whom for any damages or injuries that occur as a result of a defective product.

Replacement Cost: This is the cost or replacement of damaged property without deducting depreciation, or the decrease in insurable value due to wear-and-tear.

Total Loss: This is a loss so great that there is no value remaining and the property is completely destroyed. It can also mean a loss so large it requires the maximum payout of your commercial business insurance policy.

For more information on Commercial Business Insurance and Commercial Insurance Miami. Visit Today - Andersonjacoby.com

Total Views : 107Word Count Appx. : 492See All articles From Author

Business Articles

1. Asphalt Driveway Repairs In Long Island How To Go For It?
Author: Joshua Young

2. Why Social Videos Matters For Video Ad Networks
Author: mediaconversion

3. Meet The New York Fashionable Clothes Design Partner
Author: davudobuya55

4. High Quality Fashion Merchandising Site In New York.
Author: davudobuya55

5. Top Notch Designing Services In New York
Author: davudobuya55

6. Meet The Fashion Designing Experts Of New York
Author: davudobuya55

7. The Most Reliable Custom Embroidery Partner In Ny
Author: davudobuya55

8. Quality Automobile Locksmith Service Is All You Need
Author: rokyfernandis12

9. Keep Your Family And Business Safe With Lock Smith
Author: rokyfernandis12

10. Emergency Locksmith Services Are Readily Available
Author: rokyfernandis12

11. Discover Guaranteed Locksmith Services Today
Author: rokyfernandis12

12. Do Away With Crime For Good Effortlessly
Author: rokyfernandis12

13. Its True! Global Payroll Outsourcing Has Become Important
Author: Sandra Lee

14. Top 7 Factors To Consider While Choosing Amongst The Best Contemporary And Business Hotels In Delhi
Author: Satya Svelte

15. Translate For A New Atlas
Author: Shreya Gupta

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: