General liability insurance
When you have vicarious liability for something, it means you could be held legally responsible for any resulting harm even though you didn't directly cause it. For example, a tech company could be held accountable for the actions of an employee.
A tortfeasor is a business or individual accused of a tort, which is an act that harms another entity. Torts are often unintentional, but the tortfeasor can still be held liable for damages.
A tort is defined as a wrongful act or omission that harms a business or an individual. They often lead to lawsuits.
An insurance renewal is the end of the term of your policy, at which point, you'll need to determine if you'd like to continue under the same policy with the same insurance carrier.
The per-occurrence limit is the maximum amount of insurance money you'll get for claims from a single incident.
Business insurance is designed to protect your company against insurable risk, or the likelihood of a loss. But it's important to understand that even the most comprehensive insurance policies don't cover every type of risk.
A grace period is the additional time your insurance company gives you to pay your premium before your coverage expires.
An expiration date is the day your insurance policy lapses. Your insurance coverage will typically end at midnight on your policy's expiration date.
Want your insurer in your corner? A duty to defend policy makes it an insurer's obligation to provide legal defense for a lawsuit, instead of just compensating you for the claim.
A claimant is a person or business entity that files a claim to receive payment for a specific loss under the terms of an insurance policy.
An ACORD certificate of liability insurance is a document that provides a summary of your business insurance policy and proves you have liability insurance coverage.
The aggregate limit is the maximum amount your insurance company will pay for all covered claims filed during your policy period.
An additional insured is a business, individual, or other entity included in a general liability policy in addition to the named insured. Additional insureds are a way of extending your liability insurance coverage to another person or business.
Commercial general liability insurance is usually the first policy that small businesses buy. It protects you from the legal costs of common accidents, and is very affordable for most small businesses.
Both general liability and professional liability are types of liability insurance that cover the business risks faced by small technology and IT businesses. They differ in the types of liabilities they insure against.
