Insurance, especially insurance coverages related to your business, can be overwhelming. To help you understand some of the terms within our industry, we have provided a list of sample coverages and their definitions. To see claims scenarios involving these different coverages, please go to the “Claims Scenarios” tab.

Abuse/Molestation Coverage: Provides defense and indemnity protection against claims arising from allegations of Abuse and Molestation. The policy shields from claims of abuse & molestation typically excluded in standard insurance policies.

Accounts Receivable Coverage: Pays the increased costs of collecting accounts, re-establishing the accounts receivable records and any amounts uncollectible as a result of the destruction of accounts receivable records.

Automobile Liability: Coverage if an insured is legally liable for bodily injury or property damage caused by an automobile.

Back Up of Sewer or Drain Water Damage Coverage: Protects your building and personal property from damage caused by water that backs up from a sewer or drain.

Bailee Coverage: Protects the property customers put into your care for cleaning and storage.

Building Coverage: Protects your building and on-site structures, machinery, equipment, floor coverings, outdoor furniture, garages, fences and additions under construction.

Business Income: Time element coverage which pays for loss of earnings or income when business operations are interrupted, curtailed, or suspended due to property loss as a result of an insured cause of loss.

Business Income from Dependent Properties Coverage: Provides business income Coverage when a supplier or an anchor store you depend on to operate your business suffers a loss of its own, forcing you to close temporarily until you find an alternate supplier or they reopen.

Directors’ & Officers’ Coverage: Provides financial protection for the directors and officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company.

Employee Benefits Liability: Coverage for wrongful acts committed in the administration of the insured's employee benefit program.

Employee Dishonesty Coverage: Protects the loss of money, securities and property from the fraudulent act of an employee.

Employment Practices Liability: A form of liability insurance covering wrongful acts arising from employment practices such as wrongful termination, discrimination and sexual harassment.

Equipment Breakdown Coverage: Protects against damage caused by power surges, mechanical breakdown, motor burnout, and boiler damage.

Extra Expense Coverage: Can help with extra expenses so you can continue operating your business, including repairing or replacing property, lost information on valuable papers and records.

Fidelity/Crime Insurance: Protects organizations from loss of money, securities, or inventory resulting from crime.

Common Fidelity/Crime insurance claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.

Food Contamination Coverage: Protects your restaurant from financial loss and works to rebuild your restaurant’s reputation.

Forgery and Alteration Coverage: Can protect checks, drafts, promissory notes from forgery or alteration.

General Liability: Coverage for an insured when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of a business, when someone is injured as the result of using the product manufactured or distributed by a business, or when someone is injured in the general operation of a business.

Identity Theft Coverage: Provides the consumer with assistance to guide them through the process of restoring and protecting their identity

Internet Liability: Protection against the first- and third-party risks associated with e-business, the Internet, networks and informational assets.

Liquor Liability Coverage: Can cover damage to people or property caused by someone who was served alcohol in your place of business and then does damage to or injures themselves or someone else.

Money and Securities Coverage: Provides protection for the theft, disappearance or destruction of your money – in the restaurant or with an employee or partner off-site.

Ordinance or Law Coverage: Protects losses that result from the enforcement of ordinances or laws that do not permit restoring a building to the same condition as existed prior to damage.

Outdoor Sign Coverage: Protects your sign up to its value against perils such as hail, vehicle collision, fallen trees, etc.

Outdoor Trees, Shrubs and Lawns Coverage: Protects outdoor trees, shrubs, plants and lawns from damages caused by fire, lightning, explosion, aircraft or vehicles, riot or civil commotion, vandalism or theft.

Personal and Advertising Injury Coverage: Insures against injury, including consequential bodily injury arising from oral or written publication of material that slanders or libels a person’s or organization’s goods, products or services, the use of another’s advertising idea or infringing on another’s copyright, trade dress or slogan in your advertisement.

Pollution Liability Coverage: Protects from the liability that comes from pollution that is deemed to be caused by your shop.

Professional Liability Coverage: Provides protection for defense costs, regardless of fault, and protection for judgments and court costs for any individual or business rendering an opinion, making recommendations, designing solutions or offering a service.

Property Insurance: Protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, or boiler insurance.

Robbery and safe burglary Coverage: Provides protection against robbery of a safe or a messenger.

Spoilage Coverage: Reimburses you for the lost perishables in your refrigeration units if they break down or the power goes out.

Tenants Property Damage Legal Liability Coverage: Provides protection for a tenant when they are liable for damage to their landlord's building.

Umbrella: Umbrella insurance refers to a liability insurance policy that protects the assets and future income of the policyholder above and beyond the standard limits set on their primary policies.

Utility Services Coverage: Can cover damage to your office and stock due to a disruption of a utility, like electric, gas or water services.

Valet Parking Coverage: Can cover damage to customer vehicles caused by valets.

Valuable Papers Coverage: Protects your valuable papers and records in case they are damaged. It can also cover the cost of reproducing them.

Workers’ Compensation Insurance: Provides compensation and medical care for employees who are injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue his or her.

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