TechInsurance logo.
Small Business Insurance
Top coverages
General liability insuranceWorkers' compensation insuranceErrors & omissions insuranceProfessional liability insurance
Commercial property insuranceBusiness owner's policyCyber liability insuranceCommercial umbrella insurance
Directors & officers insuranceCommercial auto insuranceFidelity bondsView more policies
Who We Insure
We cover tech and traditional businesses
Tech Companies
Software developmentIT consultingMSPsSaaSApp developmentWeb development
Web designComputer repair & serviceCybersecurityIT staffingTelecommunicationsView all tech businesses
Traditional Companies
Cleaning servicesConstructionConsultingDesign serviceFood and beverageHealthcare
LandscapingMedia and advertisingNonprofitProfessional serviceRetailView all industries
Business Resources
Insurance and business advice
Business insurance basics
Small business insurance: Why it mattersSmall business insurance costsInsurance questions and answersBusiness insurance terms
Requirements in your stateCertificate of insuranceHow to file a claimView more resources
Tips for tech companies
Starting an IT consulting businessChoosing a legal structureGetting a business licenseProtecting with tech E&O
About Us
Learn more about TechInsurance
Contact UsCustomer reviewsOur insurance partnerships
Our storyEditorial processLeadership team
Log in

Business insurance glossary

Find straightforward definitions of common insurance terms.

Insurance is filled with legalese and technical jargon. This glossary covers terms you may run into while researching policies or managing your existing coverage. You can always contact our insurance experts to discuss how these common terms apply to your business.

A - C

ACORD certificate of liability insurance
Actual cash value
Additional insured
Aggregate limit
All-risk coverage
Assessed value
Claimant
Claims-made policy
Coinsurance
Cyberextortion
Cyber liability, first-party
Cyber liability, third-party

D - P

Digital assets
Duty to defend
Expiration date
Grace period
Insurable risk
Insurance adjuster
Insurance agent
Insurance binder
Named perils
Open perils
Per-occurrence limit
Prior acts coverage
Professional negligence

Q - Z

Qualifying event
Renewal
Retroactive date
Rider
Tail coverage
Tort
Tortfeasor
Underwriting
Vicarious liability
Workers' compensation class codes

Compare insurance quotes for your small business

Getting insured is easy with TechInsurance. Complete our free online application to compare quotes from top U.S. insurers. Once you find the right policy, you can begin coverage in less than 24 hours.

Call (800) 668-70208 a.m. - 5:30 p.m. CT, Monday - Friday
Insureon Logo
TECHINSURANCE
  • Small business insurance
  • Tech company insurance
  • Consulting insurance
  • Construction insurance
  • Cleaning insurance
  • Landscaping insurance
  • State insurance requirements
  • Insurance glossary
ABOUT US
  • Leadership team
  • Customer reviews
  • Our editorial process
  • Insurance partners
BUSINESS TYPES
  • Freelancer insurance
  • Independent contractor insurance
  • LLC insurance
  • S Corp insurance
  • Sole proprietor insurance
  • Startup insurance
CONNECT WITH US
  • Follow us on LinkedIn
  • Follow us on YouTube
Compensation disclosure notice|Licenses|Privacy policy|Terms of use|Accessibility statement
© 2025 TechInsurance, a division of Specialty Program Group LLC / DBA SPG Insurance Solutions ALL RIGHTS RESERVED (CA License #0L09546)

203 N. LaSalle, 20th Floor, Chicago, IL 60601, United States

The information provided on this website does not constitute insurance advice. All content and materials are for general informational purposes only. Complete TechInsurance's online application and contact one of our licensed insurance professionals to obtain advice for your specific business insurance needs.