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Business Insurance Terminology
*Business Insurance Terminology*
As if owning your own company wasn’t tedious enough, there’s a lot involved when it comes to insurance. At Mast & Garrison Inc, we offer quality business insurance
policies in the Burlington, NC area and help you work through all the complicated terms. Below you will find a list of common terms to help you understand your policy.
Actual Cash Value – This is the market price of the property
Assessed Value – This is the value of the property determined by the tax official
Business Interruption Insurance – This policy helps protect and cover you from loss of funds due to a forced closing.
Business Owners Policy (BOP) – This policy includes general, liability, and property insurance coverage. By bundling the three items together, you can usually save money.
Certificate of Liability Insurance – This is a summary of the most important parts of your policy
Commercial Auto Insurance – If your company uses commercial vehicles or company cars for work purposes, this policy will cover them.
Errors and Omissions Insurance
– This policy will protect your business in case you face a claim due to negligence or mistakes.
Indemnity – The compensation you will receive due to a loss.
Property Insurance – This policy protects the commercial property from accidents and damage.
Replacement Value – This is the amount of money it would take to replace and item.
Retroactive Date of Inception – This is the date when the errors and omissions coverage started.
Small Business Insurance – This policy protects small businesses from potential risks and accidents.
Workers Comp – This policy protects employees from illness and injuries they may have because of a job.
Providing Burlington, NC With Quality Insurance Policies
If you have questions regarding your small business insurance policy, feel free to contact
one of our insurance agents. We would be happy to help you decipher any confusing terminology and help you understand your policy better. We look forward to talking to you!