7 Commercial Insurance Key Phrases to Know

Learning About Your Commercial Insurance

Commercial or business insurance is a necessary part of operations for many companies. Without it, heavy losses can be incurred through lawsuits and accidents which can devastate a business. Understanding some key phrases used can help you get the most out of your commercial insurance.

At AWARD Insurance Group of Dalton, GA, our experienced agents can help you understand your business insurance so you can use it more effectively. We can help you get the best commercial insurance policies at affordable rates. 

Key Phrases in Commercial Insurance

There is a lot of terminology used in commercial insurance that can be difficult to understand. However, there are many phrases and terms that are often heard that everyone should know. Here are some key phrases used in commercial insurance.

  • Deductible – Amount paid by the person insured beyond what the insurance company will cover in a loss.
  • Actual Cash Value – Value of an item after depreciation is factored.
  • General Liability – This insurance protects from bodily injury and property damage.
  • Premium – A sum paid by a business to an insurance company that effectively protects against a loss.
  • Property Insurance – This covers damages and losses of equipment, property, and other assets.
  • Umbrella Insurance – This insurance covers beyond what an underlying policy will provide coverage for.
  • Replacement Cost – Amount paid to replace an item or asset before depreciation is factored in.

Quality Insurance in Georgia

Contact us at AWARD Insurance Group of Dalton, GA to speak with one of our agents about our different insurance options. As independent agents we are able to find the best rates and policies for our clients. Give us a call today to learn more.