Insurance glossary - Why Insurance Me

Glossary

Plain-language definitions of insurance terms.

Business Interruption Insurance: Coverage that replaces lost income and helps pay ongoing expenses when a covered event forces a business to pause operations.
Business Owners Policy (BOP): A package that bundles general liability and commercial property coverage, and often business interruption, for small to mid-sized businesses at a lower cost th...
Certificate of Insurance (COI): A one-page document that proves a business carries certain insurance, listing coverages, limits, and dates. Clients and landlords often request one before doing...
Commercial Auto Insurance: Coverage for vehicles a business owns or uses for work. Personal auto policies usually exclude business use, so a separate policy is often needed.
Cyber Liability Insurance: Coverage that helps a business respond to data breaches and cyberattacks, including notification costs, legal expenses, and sometimes ransom and recovery.
General Liability Insurance: Coverage that pays for third-party bodily injury and property damage claims arising from your business operations, such as a customer injured at your premises.
Professional Liability Insurance: Also called errors and omissions, it covers claims that your professional advice or services caused a client financial harm. Common for consultants, agents, and...
Workers' Compensation: Coverage that pays medical costs and lost wages for employees injured on the job. Most states require it once a business has employees.