Bodily injury liability is a type of car insurance coverage that's required by law in most states. If you cause a car accident that injures another person, bodily injury liability coverage helps pay for their medical expenses and lost income as a result of their injuries.
Contingent business interruption (CBI) coverage is designed to cover an insured’s business income loss resulting from loss, damage, or destruction of property owned by others, including: direct “suppliers” of goods or services to the insured and/or direct “receivers” of goods or services manufactured or provided by the insured.
If you answered “yes” to any of these questions, a homeowner’s policy may not provide enough protection for your home-based business. Without the right coverage, your business could be financially responsible for property damage, lawsuits, employee injuries, or issues related to data loss.
Liability insurance (also known as Commercial General Business Liability) protects a company’s assets and pays for obligations – medical costs, for example –incurred if someone gets hurt on your property or when there are property damages or injuries caused by you or your employees.
PIP stands for personal insurance protection (personal injury protection), and it is an extension of car insurance that covers medical expenses and, in many cases, lost wages. It is often called “no-fault” coverage because its inherent comprehensiveness pays out claims agnostic of who is at fault in the accident.
Product liability insurance protects a company against claims or suits arising from products a company has manufactured or sold. This form of insurance covers a manufacturer's or seller's liability for bodily injury or property damage sustained by a third party due to a product's defect or malfunction.
Professional liability insurance is required by law in some areas for certain kinds of professional practices, especially medical and legal, where it is more commonly called malpractice insurance. This type of protection is not part of your general liability insurance or homeowners insurance.
Business property coverage can help when your business personal property is damaged by a covered event. When that storage rack collapses, it destroys inventory worth several thousand dollars. Business personal property insurance can help you repair or replace covered business items, such as computers, tools and inventory.
Being "underinsured" means a person has insurance coverage, but the limits may not be high enough to cover the full expenses of a claim. Take car insurance, for example: Each state requires auto liability coverage and sets minimum limits that drivers must purchase.
The Business Auto Coverage Form (BACF) is the most commonly used contract for providing business auto liability insurance. Although the form refers only to “autos,” autos are defined to include cars, trucks, trailers, vans or other vehicles designed for use on public roads.
Workers compensation insurance serves two purposes: It assures that injured workers get medical care and compensation for a portion of the income they lose while they are unable to return to work and it usually protects employers from lawsuits by workers injured while working.