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Comprehensive coverage in an auto insurance policy is also referred to as OTC(other than collision) coverage. The name of this coverage policy makes its definition more clear because it covers almost all other physical damage that can occur to a vehicle other than collision.
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Commercial Insurance- Introduction and Types Commercial Insurance:- Commercial lines insurance includes property and casualty insurance products for businesses. Commercial lines Insurance protects businesses from potential losses caused by accidents, natural disasters and other adverse events. Here are the list of Commercial Insurances and their Line of Business (LOB) codes:
1. Inland Marine Insurance: Inland Marine insurance generally covers property that is movable or transportable in nature. LOB Code : INMRC Example – Transportation coverage for property shipped by or to you via common carriers. 2. Workers’ Compensation: An employee can only receive benefits if their injury or illness relates to their job duties or employment. Workers’ comp insurance would cover injuries caused by lifting heavy equipment, slipping on a wet or oily surface, or sustaining injury due to fires or explosions. LOB Code : WORK 3. General Liability: Commercial General Liability insurance helps protect businesses and their employees from the risk of lawsuits involving claims of bodily injury, property damage, libel, slander, false advertising. LOB Code : CGL
Commercial Liability Insurance coverage can help cover the costs related to claims of • Bodily injury or property damage – for claims that your business caused someone bodily harm or damaged someone’s property. • Medical payments – to help cover medical costs if someone sustains an injury at your business. • Damage to rented property – if property you rent is damaged by fire, lightning or explosion. 4. Commercial Umbrella : Increases and broadens liability coverage, filling in gaps left by other coverages. LOB Code : CUMBR
5. Commercial Package : Under a CPP, a business owner may combine different coverages and package them. LOB Code : CPKGE 6. Accounts Receivable and/or Valuable Papers : Accounts Receivable Insurance protects a company when customers fail to pay what they owe. But this coverage does more than just maintain your balance sheet. Accounts Receivable coverage can strengthen your company by increasing your borrowing capacity and helping you expand sales and profitability. LOB Code : VALP
7. Business owners : Business owners insurance, also known as BOP insurance, is a policy that combines both property and liability coverage into one package. It’s popular among a variety of small and medium-sized businesses such as restaurants, wholesalers, retail stores and contractors. LOB Code : BOP 8. Commercial Fire : Most businesses that own property need insurance to protect themselves against damage caused by fire. Fire insurance for businesses is widely available. Many insurers that sell business insurance offer this coverage. LOB Code : CFIRE
9. Directors and Officers : Directors and Officers Insurance covers management and executives for claims made against them while they are serving on a board of directors and/or as an officer of an organization. In layman’s terms, Directors and Officers Insurance covers claims resulting from decisions and actions taken by company managers as part of their job duties. An organization’s officers typically include key executives and managers, but not all employees. LOB Code : DO 10. Commercial cyber and privacy liability : Cyber insurance generally covers your business’ liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers and health records. LOB Code : INTER
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