Insurance terms can be difficult to understand, and when it comes to protecting your business, it’s vital that you have a clear view of what your coverage entails.Getting to know the meaning behind some of the common terms used in commercial insurance is the best way to make shopping for your business policies simpler.
The definitions below provide a basic guide to the world of commercial insurance:
– Commercial Crime Coverage: this is a type of insurance that covers a wide variety of possible crimes committed by employees of the company. This includes employee dishonesty, forgery, computer crimes, robbery, theft, and extortion.
– Boiler & Machinery Coverage: this provides coverage for damages that occur as a result of the breakdown or explosion of a boiler or other machinery on the premises.
– Business Income Coverage: this provides coverage to help pay for lost income as the result of damage, theft, or any other covered reason for loss of operations.