Additional Insured: What It Means in Business Insurance and Why It Matters
Warren Team
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Key terms
- Business InsuranceA broad category of insurance policies designed to protect businesses from financial losses resulting from unexpected events such as lawsuits, property damage, employee injuries, and business interruptions. Common types include general liability insurance, professional liability insurance, workers' compensation, and commercial property insurance. Having adequate business insurance is essential for protecting your company's assets and is often required by law, lenders, or clients.
- Term Life InsuranceLife insurance that provides coverage for a specific period (term), typically 10, 20, or 30 years. More affordable than whole life insurance but has no cash value.
- Disability InsuranceInsurance that provides income replacement if you become unable to work due to illness or injury. Can be short-term (3-6 months) or long-term (until retirement age).
- Life InsuranceInsurance that pays a death benefit to beneficiaries when the insured person dies. Types include term life (temporary coverage) and permanent life (lifetime coverage with cash value).
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