Our glossary highlights some of the most important definitions for terms that you may encounter when looking for insurance or maintaining existing coverage for your small business.
It is recommended to review your policy documents as some of these terms may be defined in your policy.
Actual Cash Value
Business Owners Policy (BOP)
Business Personal Property
Equipment Breakdown Coverage
General Liability Insurance
Workers' Compensation Insurance
Workers' Compensation Class Code
A numerical number developed by a Workers Compensation rating bureau (the National Council on Compensation Insurance “NCCI” is an example) that indicates an industry of a business or job profession. It can help determine the risk associated with a business and how much to charge for an insurance policy.