Actual Cash Value (ACV) The current fair-market value of a piece of property.
Additional Insured Any person other than the policyholder who enjoys the benefits of being insured. Learn more.
Agent This guy or gal’s main purpose is to help you get the right insurance plan. In our case, it’s an insurance expert with your best interests in mind.
Appraisal An expert estimate of the value of a piece of property.
Asset Something owned by a person or company (you) that has value. In other words, something you’d want to protect.
At Fault This means you’re on the hook for something that happened. But don’t worry too much-- that’s why you have insurance.
Bodily Injury (BI) This is when you cause an accident, and someone gets hurt. Bodily injury liability (under General Liability) covers the damages you would be responsible for, as well as legal defense, if someone tries to sue you.
Business Auto Insurance A policy that includes liability and property damage protection for vehicles your business owns, as well as personal vehicles used for business. Learn more.
Business Insurance The small amount of money you pay each month to an insurance company. In turn it protects your business from catastrophes (big or small), which beats paying for it all at once if something happens. Learn more.
Business Owner’s Policy
(BOP Insurance) A nifty bundle of coverage that (typically) combines common property and liability risks into one package. And it saves you money. Learn more.
Business Personal Property This refers to the items and equipment at your workplace. Think about it like this: If you took the building and shook it, anything that fell out is business personal property.
Business Property Insurance A policy that covers your stuff in the event that it’s stolen, damaged, or ruined in a fire or natural disaster. Learn more.
Carrier Just a fancy word for your insurance company.
Certificate of Insurance A summary of the most important information of an insurance policy on a single sheet of paper. It’s what you’ll show to prove you have insurance. Learn more.
Claim What you file with the insurance company after there has been an incident. Basically, it’s a way of asking for help from the insurance company when you need it.
Coverage The amount of risk or liability an insurance company will take on in the event of unforeseen occurrences.
Covered Loss The damage caused to your business from accidents or misfortunes that the insurance company will pay.
Cyber Extortion When someone attacks or threatens to attack digital assets unless a ransom is paid.
Cyber Liability Insurance A liability policy that can help pay for the expense of data breaches, such as providing credit monitoring services or notifying affected customers. Learn more.
Deductible The amount you have to pay out of pocket before your insurance company starts helping.
Endorsement Changes or additions you make to your insurance policy.
Errors and Omissions Insurance (E&O Insurance) Also known as professional liability insurance. Learn more.
Exclusions The things your policy won’t cover. But they’ll be clearly listed, don’t worry.
Effective Date The date your insurance policy kicks in.
General Liability Insurance A liability policy that protects businesses from things like slips and falls, property damage, personal/advertising injury, and other accidents. Learn more.
Hired & Non-Owned Auto Insurance A policy that covers damages when employees crash their cars or rented vehicles while working. Learn more.
Independent Agent Someone who doesn’t work for a particular insurance agency. The agents at Pogo are independent, which means we look at many insurance companies for the best rates and coverages on your behalf.
Insured A person or organization (like you) covered by insurance.
Insurer An insurance company. They’re who will have your back if something bad happens.
Liability The state of being responsible for something, by law.
Liability Insurance Protection against being sued for the things for which you are liable.
Liability limits The maximum amount an insurance company will pay for a single incident.
Loss runs Reports that document the history of claims made on a commercial insurance policy. Insurance companies will usually ask for the past five years of history, or however long coverage has been provided.
Negligence Failure to take proper care when you do something, resulting in damage or injury to someone else (even if you didn’t mean to do it).
Policy A piece of paper that explains your agreement with the insurance company. It will outline what is covered, how much you’ll pay, and how they’ll help out if something happens.
Pogo Hey, that’s us! We’re a licensed insurance agency on a mission to make insurance simpler for people who aren’t licensed insurance agents.
Premium The amount of money you pay for an insurance policy. Think of it as the cost of doing business.
Professional Liability Insurance (aka E&O) This protects professionals who provide services or give expert advice for a living. If a client decides to sue, it’ll help. Think of it as the “malpractice insurance” of whatever industry you’re in. Learn more.
Quote The insurance company’s price estimate for the insurance coverage you want. Get a personalized business insurance quote.
Replacement Value The cost of replacing a piece of property with a brand-new equivalent.
Risk Management Keeping track of, assessing, and trying to minimize the risks you may face.
Rider Also known as an “endorsement”, this is something extra added to an insurance policy that provides additional benefits to the policyholder.
Short-Term Insurance Short-term liability insurance is a type of business insurance coverage for short projects that can take between two hours and two weeks to complete.
Tort A wrongful action that causes harm to someone, but is not a crime, and is dealt with in court.
Umbrella Insurance A policy that helps pay for costs that surpass your other policy limits. It’s a little extra cushion in your safety net. Learn more.
Underwriting This is the way insurance companies evaluate the risk of offering insurance to a particular business.
Workers’ Compensation Insurance This is what helps your employees if they get hurt or sick on the job, regardless of who is at fault. It’ll pay for recovery costs, medical bills, and partial missed wages. Learn more.
Waiver of Subrogation If your client asks you to sign a waiver of subrogation upfront, that means that you waive your rights of recovery from their insurance company. Learn more.