Insurance Terminology

Business owner’s policy. This is an insurance package that is generally designed for small- and medium-sized businesses, and includes property and liability coverage.

Claims-made coverage. This is liability insurance that is effective only for injury or damage claims filed during the policy period or a time designated beyond the policy period. Claims brought after a policy expires are not covered, even when the injury or damage took place during the covered period.

Commercial general liability. This is a common policy designed to provide a commercial enterprise with liability coverage for its premises, products, operations and completed operations, as well as personal injury. Premises medical payments are frequently included in this coverage.

General liability insurance. This is coverage for situations where negligent acts or omissions, or both, result in bodily injury or property damage, or both, on the premises of a business, or when an injury occurs in the general operation of a business.

Occurrence-form coverage. This is liability insurance coverage that covers injury or damages even after the policy has expired, as long as the insured’s policy was in effect at the time of the occurrence or event.