​GLOSSARY

Insurance concept, Businessman holding red umbrella on falling rain with protect with icon
  • ANNUITIES:
    Annuities are insurance contracts that make regular payments to you either immediately or at some point in the future.    You can purchase an annuity to help grow or protect your retirement savings or to provide you with guaranteed income.

     

  • ​​​AUTOMOBILE INSURANCE:
    A type of insurance which protects the insured against losses involving automobiles. Different coverages can be purchased depending on the needs of the insured.

     

  • BUSINESS INSURANCE:
    We know your business means everything to you. As owners of a growing business, you face tough challenges every day. Make sure your business is adequately protected today and tomorrow. Like you, Professional Insurance Brokers agents are small business owners and understand the importance of developing a plan for continued financial security. Your Professional Insurance Brokers Agent can work with you to determine the right blend of insurance products for you and your business.

     

  • BUY-SELL AGREEMENT:
    An agreement funded by a life insurance policy among partners of a business which says that under stated conditions (disability or death) the person withdrawing from the business or his heirs are legally obligated to sell their interest to the remaining part-owners and them in return are obligated to buy an agreed fixed price stated in the agreement.

     

  • COMMERCIAL PROPERTY/BUSINESS PERSONAL PROPERTY:
    A form of insurance designed to protect owners and operators of businesses from small losses to property due to specified causes of loss.

     

  • DIRECTORS & OFFICERS LIABILITY:
    Directors and Officers Liability Insurance provides financial protection for the directors and officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company.   Think of Directors and Officers Insurance as a management Errors and Omissions Policy.

    Directors and Officers Insurance is often confused with Errors & Omissions Liability.  The two are not synonymous; Errors & Omissions is concerned with performance failures and negligence with respect to your products and services, not the performance and duties of management.   Generally it is a good idea to carry both Directors and Officers Liability Insurance and Errors and Omissions Liability Insurance.

     

  • EMPLOYMENT PRACTICES LIABILITY (EPLI):
    ​Employment Practices Liability Insurance otherwise known as EPLI is insurance that helps protect you against claims from your employees that result from the general conduct of your business.   Common examples of employee related claims include claims relating to:

    • Discrimination

    • Hostile Working Environment

    • Wrongful Termination or Discharge

    • Sexual Harassment

    • Lack of Advancement
       

  • FLOOD INSURANCE:
    A form of insurance designed to reimburse property owners from losses due to floods from raising waters.

     

  • GENERAL LIABILITY:
    ​A policy to protect owners and operators of a business from a wide variety of liability exposures such as Bodily Injury and Property Damage for which the insured is legally responsible.

     

  • GROUP HEALTH INSURANCE HMO:
    A policy to protect owners and operators of a business from a wide variety of liability exposures such as Bodily Injury and Property Damage for which the insured is legally responsible.

     

  • HOMEOWNERS INSURANCE:
    A property and liability insurance policy that provides insurance against any of the property and liability perils to which a homeowner is exposed.

     

  • LIQUOR LIABILITY:
    Liquor Liability Insurance is designed to provide liability insurance protection for those businesses who manufacture, distribute, or sell liquor.  You need liquor liability insurance if you sell liquor and your business is a:

    • Bar or Tavern

    • Nightclub

    • Fraternal Club

    • Convenience Store

    • Liquor Store

    • Restaurant
       

  • MORTGAGE PROTECTION INSURANCE:
    A life insurance policy covering the homeowner from which the benefits are intended to pay off the balance due on a mortgage upon the death of the insured.

     

  • PROFESSIONAL LIABILITY (ERRORS & OMISSIONS):
    Professional Liability Insurance, also sometimes referred to as Errors & Omissions, is insurance to protect you and your company in the event a client alleges they have suffered financial loss as a result of an error or an omission committed by you in the delivery of your professional services.   Professional Liability coverage is separate from a General Liability Policy which would cover you mainly for bodily injury or property damage liability.

     

  • SALARY CONTINUATION INSURANCE:
    A policy that provides periodic payments to replace income loss when the insured is unable to work as a result of an injury or sickness.

     

  • TERM LIFE INSURANCE:
    The type of life insurance policy that provides protection only for a specific period of time.

     

  • UNIVERSAL LIFE INSURANCE:
    A combination of flexible premium, adjustable life insurance policy. The premium payer may select the amount of the premium he or she can pay and the policy benefits are those which the premium will purchase.

     

  • WORKERS’ COMPENSATION:
    Workers’ Compensation Insurance protects employers from claims resulting from injuries to employees.   It protects your business from lawsuits and provides employees with compensation for on-the-job injuries.

    By law, most employers are required to provide coverage for lost wages and medical bills incurred as a result of on-the-job accidents or illnesses.   For many businesses, this covers the largest part of its insurance expense.