Business insurance glossary

No insurance jargon here. We simplify common business insurance terms.



We’re on a mission to make it easier to understand business insurance terms so you can make an informed decision and get back to focusing on your business.

A – E | F – J | K – O | P – T | U – Z

[A — E]
ACORD certificate of liability insurance
Actual cash value
Additional insured
Admitted carrier and non-admitted carrier
Advertising injury
Aggregate limit of liability
Assessed value
Bailee insurance
Bodily injury coverage
Blanket insurance
Business interruption insurance
Business risk management
Care custody and control
Claims-made policy
Commercial insurance
Contractual liability insurance
Cyber extortion
Declarations page
Disaster recovery plan
Equipment breakdown coverage
Extended reporting period (ERP)

[F — J]
Grace period
Hold harmless agreement
Host liquor liability insurance
Indemnity insurance
Independent contractor
Insurance appraisal
Insurance adjuster
Insurance agent
Insurance arbitration
Insurance broker
Insurance claim
Insurance coverage limits
Insurance depreciation
Insurance endorsement
Insurance exclusion
Insurance quote
Invasion of privacy

[K — O]
Key person insurance
Lessors risk
Legal liability
Loss payee
Loss runs
Minimum earned premium
Named insured
Named perils
Nose coverage
Occurrence-based policy
Open peril policy

[P — T]
Per claim limit
Premium audit
Products completed operations
Product liability
Professional indemnity insurance
Proof of loss
Property damage
Prior acts coverage
Property and casualty insurance
Public liability insurance
Qualifying event for insurance
Repetitive stress injury
Replacement value
Risk retention
S corp
Self employed
Self insured
Sole proprietorship
Standard of care
State compensation insurance fund
Stop gap coverage
Strict liability
Tail coverage
Tort liability
Triple net lease

[U — Z]
Unilateral contract
Vicarious liability
Waiver of subrogation
Workers’ compensation class codes

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Issuance of coverage is subject to underwriting. Not available in all states. Please see the policy for full terms, conditions and exclusions. Coverage examples are for illustrative purposes only. Your policy documents govern, terms and exclusions apply. Coverage is dependent on actual facts and circumstances giving rise to a claim. Next Insurance, Inc. and/or its affiliates is an insurance agency licensed to sell certain insurance products and may receive compensation from insurance companies for such sales. Policy obligations are the sole responsibility of the issuing insurance company. Refer to Legal Notices section for additional information.