Insurance Glossary

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Learn how to protect your business and your family with our online resources.

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Glossary of Insurance Terms

All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

There are currently 6 names in this directory beginning with the letter B.

Broker

A representative of the buyer of property and liability insurance who deals with either agents or companies in arranging for the coverage required by the customer. A broker is paid a commission by the company or its agent.

Burglary

The loss of property due to theft when there is visible evidence of forcible entry to the exterior of the building. Burglary and Theft Insurance Insurance for the loss of property due to burglary, robbery or larceny. It is provided in a standard homeowners policy and in a business multiple peril policy.

Business Income Insurance (Business Interruption Insurance)

Commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered peril, such as a fire. Business interruption insurance also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities coverage may start after a waiting period and last for two or more weeks.

Business Interruption Insurance

See Business Income Insurance.

Business Owners Policy (BOP)

A policy that combines property, liability and business interruption coverages for small- to medium-sized businesses. Coverage is generally cheaper than if purchased through separate insurance policies.

Buy-Out Policy

A professional liability policy covering future claims resulting from incidents which occurred during the period that an expired claims-made policy was in force.

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