Commercial Insurance Terms

Commercial Insurance Types

BONDS (SURETY)
A promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.
BUSINESS GENERAL LIABILITY (GL)
Coverage to protect you from claims including bodily injury, property damage, personal injury and others that can arise from your business operations.
CARGO
Covers and protects the transporter in circumstances of lost or damaged cargo.
COMMERCIAL TRUCK LIABILITY
Coverage to protect you from claims including bodily injury, property damage, personal injury and others that can arise from accidents caused by your truck.
INLAND MARINE
Cover the costs of damaged cargo. Whether the incident occurs while the product is waiting to shipped, or while the cargo is in transit, inland marine insurance covers costs and liability that may arise in the event of an accident.
PHYSICAL DAMAGE AND COLLISION
Covers repair and replacement costs that are the result of collisions, fires, thefts, storms, earthquakes, and other events that are included in your tailored policy.
UMBRELLA (EXCESS LIABILITY)
This is additional liability coverage above the general liability insurance that is purchased as a separate policy. o This is additional liability coverage above the general liability insurance that is purchased as a separate policy.
WORKER’S COMP
Protects companies from being sued by employees for workplace conditions that can cause an injury or illnesses.
Only covers injuries or illnesses when they occur as a result of duties performed on the job or while at work.

Commercial Truck Types

  • Business Auto
  • Buses/Shuttle
  • Cargo
  • Caterers/Mobile Concession
  • Contractor Van/Truck
  • Dump Trucks
  • Flat Beds
  • Refrigerator
  • Tractor
  • Trailers