Insurance 101
Business Insurance Glossary
Plain-language definitions of the terms you'll run into while shopping for or reading a business insurance policy.
Deductible
The amount you pay out of pocket before insurance kicks in. Higher deductibles usually mean lower premiums.
Coverage Limit
The maximum amount the insurer will pay for a covered loss.
Policy Period
The time frame your insurance is active, typically one year.
Claim
A formal request to your insurer for payment after a covered loss.
Exclusion
Specific situations or losses that your policy does NOT cover.
Endorsement (Rider)
An add-on that modifies your coverage, either adding or restricting it.
Want these explained alongside real coverage examples? Browse the full Insurance 101 guide.