The following list includes many important terms to understand for your insurance coverages. Should you ever have any questions, please give us a call and we will be happy to explain anything which may need clarification:

Home Insurance:

Dwelling Coverage: Protection for the structure of your home.

Personal Property Coverage: Insurance for your belongings within the home.

Liability Coverage: Coverage for injuries or property damage you’re responsible for.

Additional Living Expenses (ALE): Coverage for temporary living expenses if your home becomes uninhabitable.

Deductible: The amount you pay out of pocket before the insurance coverage kicks in.

Auto Insurance:

Liability Insurance: Coverage for injuries and property damage you cause to others.

Collision Coverage: Protection for damage to your own vehicle in a collision.

Comprehensive Coverage: Coverage for non-collision events, like theft or natural disasters.

Uninsured/Underinsured Motorist Coverage: Protection if the at-fault party is uninsured or underinsured.

Premium: The cost of your insurance policy.

Business Insurance:

General Liability Insurance: Coverage for bodily injury and property damage claims against your business.

Commercial Property Insurance: Protection for your business property, including buildings and equipment.

Business Interruption Insurance: Coverage for lost income and expenses during a forced business closure.

Professional Liability Insurance: Protection against errors and omissions in professional services.

Workers’ Compensation: Coverage for employee injuries or illnesses on the job.

Surety Bonds:

Principal: The party obligated to fulfill an obligation, often the contractor or business owner.

Obligee: The party that requires the bond, typically the project owner or government agency.

Surety: The company providing the bond, guaranteeing the principal’s performance.

Bond Premium: The cost paid for obtaining the surety bond.

Claim: A demand for payment under the bond due to a breach of the bonded obligation.

Farm Insurance:

Farmowners Insurance: Combines coverage for your dwelling, personal property, and liability on the farm.

Livestock Insurance: Coverage for the loss of farm animals.

Crop Insurance: Protection for losses due to weather, pests, or other perils affecting crops.

Farm Equipment Insurance: Coverage for tractors, machinery, and other farm equipment.

Agribusiness Insurance: Comprehensive coverage for various farm-related risks.