Add-on - This refers to additional insurance products sold alongside a specific insurance policy. See equipment breakdown coverage.
Assets - Anything of value that is owned by a company. Examples include office supplies, real estate, and even intagible assets like intellectual property. See business owner's policy.
B
Bobtail insurance - This liability insurance policy provides protection for commercial trucks driving without a trailer at any point. See bobtail insurance.
Business interruption insurance - Covers any business income that is lost due to direct physical damage. It is not a standalone policy but is instead an add-on or a rider. See business interruption insurance.
Business owner's policy - A comprehensive insurance policy protects against any major property or liability risks a business might incur. See business owner's policy.
C
Claims - This refers to any requests for compensation for anything covered within a particular insurance policy. See business insurance.
Commercial insurance - Any requests for compensation for anything covered within a particular insurance policy. See commercial insurance.
Commercial truck insurance - Any insurance policy that covers business and corporate operations. See commercial truck insurance.
Contractual services - Time and effort that are rendered by individual contractors or firms. See professional liability insurance.
Data breaches - Any cyber attack that ends up leaking sensitive business information and customer records. See cyber insurance.
Digital forensics - The process of gathering and analyzing evidence found on digital devices. It is often done in relation to a cyber crime. See cyber insurance.
E
Employee practices liability insurance - A liability policy that protects businesses against any claims made by employees that the company has violted their legal rights. See business owner's policy.
Equipment breakdown insurance - A type of commercial insurance policy that covers instances of equipment damage. See equipment breakdown.
Experience modification factors - These factors are used to measure a company's overall safety against its existing workers' compensation coverage. See workers' compensation insurance.
F
Federal Motor Carrier Safety Association - The FMCSA is a government agency that regulates commercial vehicle safety standards.
General liability - A business insurance policy that protects against bodily injury and property damage. See general liability insurance.
I
Independent contractors - Individuals or firms that are hired to provide services on behalf of a company. See independent owner operator insurance.
Intellectual property - Intangible assets or creations that have been made by the human intellect and require authorization to use. See cyber insurance and professional liability insurance.
Network damage - The breakdown of digital networks due to damage such as viruses or attacks. See cyber insurance.
Non-employee truckers - Truck drivers who work as independent contractors for a motor carrier. See insurance for trucking companies.
Non-trucking liability insurance - A liability policy that covers instances when a company truck is used for personal purposes. See non-trucking liability.
O
Occupational accident coverage - An insurance policy that provides compensation for families and relatives of truck drivers who were injured or killed in a job-related incident. See insurance for trucking companies.
Operational risk - An umbrella term that refers to all the risks a company may face due to the nature of its day-to-day operations. See general liability insurance.
Payroll - A list of all the employees in a company and the amount that each employee is to be paid. See business interruption insurance.
Physical damage coverage -This refers to liability policies that covers physical damages incurred by vehicle collisions, vandalism, fire, theft, and other incidents. See physical damage coverage.
Pickup truck - A type of truck has an open back and a closed cab and is typically used to transport goods. See pick up truck insurance.
Policy limit - The coverage limits of any given insurance policy. See business insurance.
Primary liability insurance - This insurance policy covers any injuries or damages to individuals or property for which you are at fault. See commercial non-trucking liability insurance.
Professional liability - Covers professionals against claims of negligence, malpractice, or misrepresentation. See professional liability insurance.
Supplemental towing and cleanup - A type of truck insurance policy that covers both towing and debris cleanup that might occur in the event of an accident. See commercial truck insurance.
T
Terrorism insurance - Covers any damages incurred by a business due to a terrorist attack. See business owner's policy.
Tow truck insurance - This refers to insurance policies that cover the operation of tow truck fleets. See tow truck insurance.
Trailer interchange - Protects trucking companies from any incidents that occur while loading or unloading freight items. See trailer interchange.
U
Umbrella policy - Insurance policies that grant extra coverage beyond the typical business liability policy. See commercial umbrella insurance.
W
Worker safety - The provision of a safe working environment for employees, which includes equipment and procedures. See workers' compensation insurance.
Workers' compensation - A policy that provides compensation and benefits in the event of a work-related injury or illness. See workers' compensation insurance.
Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
