Business Insurance

Definition

• An insurance policy that provides coverage for losses arising due to the normal operation of a business. Business insurance is an umbrella term that encompasses insurance policies covering losses ranging from property damage and legal liability to employee welfare.

Synonyms
company insurance, business owner's policy, business liability insurance, corporate coverage

Related Terms and Acronyms

• Accounts Receivable Insurance — Definition,
  • Insurance covering losses due to cash flow problems.
• Business (busn) — Abbreviation,
  • Economic activities of a given type.
  • A company, either for-profit or non-profit.
  • Commercial, industrial or professional activities undertaken by an entity.
• Business Continuation Insurance — Definition,
  • Insurance that provides coverage in the event that someone integral to the operation of a business dies or becomes disabled.
• Business Crime Insurance — Definition,
  • Insurance that covers losses due to criminal acts perpetrated by customers or employees.
• Commercial Blanket Bond — Definition,
  • Insurance that covers losses to businesses due to different forms employee fraud, such as embezzlement and forgery.
• Commercial Forgery Policy — Definition,
  • Insurance that protects businesses from losses due to them unknowingly accepting forged or counterfeit checks as payment.
• Commercial Property Insurance — Definition,
  • Property insurance that provides coverage for damages to commercial property due to named perils such as fire or theft.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• International Chamber of Commerce (ICC) — Acronym,
  • A world business organization that brings business people and experts together to formulate policies in such areas as banking, taxation and the environment.
• Inventory — Definition,
  • Stock on hand in the form of goods ready for sale. Also includes raw material in the process of being manufactured or completed for sale.
• Loss Payable Clause — Definition,
  • An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
• Single Interest Insurance — Definition,
  • Insurance that covers a single party when more than one party has a stake in a property.
• Valuable Papers Insurance — Definition,
  • Insurance that covers damages to valuable papers such as property deeds or wills.
• Vandalism and Malicious Mischief Coverage — Definition,
  • Insurance that covers property owners for damages resulting from acts of vandalism.
• Work and Materials Clause — Definition,
  • A provision that allows the policyholder to store certain materials in insured property if needed by their line of work.