Business Insurance Flashcards
1
Q
Professional Liability
A
Malpractice
2
Q
Management Liability Coverage
A
Managers
Employment Practices
Fiduciary - includes mismanagement of employee benefits
Crime (i.e. cyber/privacy, violence)
3
Q
General Business Coverage
A
General Liability Auto Workers Comp Property Business Interruption Employee Benefits
4
Q
Claims Made Coverage v. Occurrence Coverage
A
Claim = when there is a demand for $ (during policy term or 30-60 days following term) Occurrence = date of occurrence (no professional liability policies for attorneys)
5
Q
Continuity Coverage
A
Reduces liklihood of a coverage dispute due to a late reported circumstance
6
Q
Tail insurance
A
Tail is endorsement to policy. Good if a) firm going out of business - want to cover past acts; b) current insurer doesn’t want to continue to cover, new insurer won’t cover past acts - get a tail
