Insurance Terms

Auto

Provides protection against loss or damage to a covered auto resulting from a loss and against legal liability arising out of the ownership, maintenance, or use of any insured automobile.

Bonds

Reduces investment risks and ensures peace in the investor’s mind. In case of any default by the issuer, the bond insurer guarantees payment of the principal amount (face value) along with the due interest. Health insurance – is insurance that pays for all or part of a person’s health care bills.

Directors & Officers

Liability insurance protecting a director or officer against lawsuits by third parties, for example, shareholders, loan customers, or banking regulatory agencies seeking damages for losses caused by errors in loan administration or negligent acts.

Employee Dishonesty

Coverage providing coverage against a criminal act committed by an employee acting alone or in collusion with others.

Employment Practices Liability

Provides broad insurance protection from such employment/ related claims and lawsuits brought against a company, its managers and employees and its directors and officers.

General Liability

Coverage for an insured when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of a business, when someone is injured as the result of using the product manufactured or distributed by a business, or when someone is injured in the general operation of a business.

Professional Liability

Coverage for specialists in various professional fields. Since basic liability policies do not protect against situations arising out of business or professional pursuits, professional liability insurance is purchased by individuals who hold themselves out to the general public as having greater than average expertise in particular areas.

Property Insurance

Coverage designed to protect your company’s buildings, property and contents. It protects against loss from perils including: fire, lightning, hail, windstorm, explosion (except when caused by boiler), civil commotion, riot, aircraft, vehicles, smoke, volcanic eruption, sprinkler system leakage, sinkhole collapse, vandalism, or malicious mischief.

Umbrella Liability

Excess liability coverage above the limits of a basic business liability insurance policy.

Worker’s Compensation

Workers Compensation insurance is to provide medical and disability benefits for those who suffer an occupational injury or accident.