Insurance that assists in funding the day-to-day operation of a business in the event a key person is lost.
Insurance Encyclopedia
Business life insurance
Life insurance bought by a business on the life of a member of the company. It may be bought by partnerships to protect the surviving partners against loss caused by the death of a partner, or by a corporation to receive payment for loss caused by the death of a key employee.
Business model
Type of business organization or process.
Business Net Retention
This term represents the percentage of a company’s gross writings that are retained for its own account. Gross writings are the sum of direct writings and assumed writings. This measure excluded affiliated writings.
Business office personnel
Employees carrying out the administrative duties in a medical practice such as office manager, billing manager, receptionist, collection specialist, health information or medical record employees, and medical coders.
Business Owner’s Policy (BOP)
A package of property and liability insurance for small and medium size businesses. Refer Shopkeepers Policy. Also refer Office Umbrella Policy.
Business owner’s policy (Liability/Property Insurance)
A policy that provides liability and property coverage for small businesses.
Business Owners Policy (BOP)
A business owners policy combines property, commercial general liability, and business interruption coverage for small- to medium-sized businesses. The combination of coverage is generally less expensive than if individual policies were purchased.
Business partner (BP)
Owner that performs an activity on behalf of another owner of the business who is not part of the workforce.
Business personal property
A term relating to contents of a commercial enterprise. It may include furniture, fixtures, machinery and equipment as well as stock, all other chattels owned by the insured, and even use interest in building improvements and betterments.