The general liability class codes group businesses into categories so insurance companies can issue general liability insurance to protect them against hazards and risks specific to their categories. The A-to-Z code list includes categories ranging from abrasive wheel manufacturing to zoos.Know More
General liability insurance protects a business in the event that someone sues it. If the business loses the suit, the insurance pays the claimant's damages and the business owner's legal costs.
Different types of businesses are vulnerable to different types and degrees of risk. Whereas a business consultant is most vulnerable to errors that adversely affect a client's business revenue, an electrician risks personal injury. Each of these businesses has different general liabilities, so they need different types of liability insurance coverage. The codes categorize them according to the services they provide and the specific hazards and risks inherent in providing those services.
Insurance companies can also use general liability class codes to deny coverage. Hazards for which they deny coverage are called exclusions, and they include damages for activities that fall outside of a business' class code. An electrician's general liability class for residential services, for example, would include coverage for a residential fire resulting from faulty wiring, but it would exclude damages from faulty wiring in a commercial building because commercial services fall outside the electrician's class.Learn more about Insurance
Mortgage insurance is a coverage product home buyers purchase to protect the risks of a lender issuing a loan with a low down payment requirement. In a conventional mortgage, the home buyer is required to pay for private mortgage insurance when the initial down payment is less than 20 percent of the purchase price.Full Answer >
General liability insurance is a type of insurance that is most commonly purchased by businesses. This type of insurance protects the business in the event that an injury occurs on the premises or there is damage to the property.Full Answer >
The term "comprehensive general liability insurance" refers to a type of business insurance that protects companies from liability claims related to their business activities. Comprehensive general liability is usually suitable for medium and large companies in the servicing, manufacturing and processing fields.Full Answer >
Reciprocal insurance refers to an arrangement where a group of unincorporated individuals or organizations agree to share insurance risk among themselves. The arrangement is not informal. Members exchange indemnity contracts and individually appoint legal personnel called attorneys-in-fact to manage the affairs of the entity that results, which is known as a reciprocal insurance exchange.Full Answer >