Business Center

Property and Casualty

Definitions of Terms

The definitions below describe different types of coverage available for businesses.

Contact us for a referral to a Property/Casualty Agency.

GENERAL LIABILITY
Coverage for bodily injury or property damage to others arising out of the insured’s operations, premises or products. Personal injury (liable, slander, defamation of character) is also covered.

PROPERTY
Coverage for buildings and the contents of buildings such as furnishings, stock, equipment, etc.

INLAND MARINE
A broad category of coverages, primarily for insuring property that moves or is transported; e.g.; property while being shipped, contractors, tools, mobile machinery like tractors, convention displays.

BUSINESS INCOME & EXTRA EXPENSE
Pays for the loss of net income and regular continuing operating expenses after a business has suffered a covered loss, such as a fire.

COMMERCIAL AUTO
Provides coverage for bodily injury or property damage to others from the use of a business vehicle. Also provides coverage for vehicles owned or leased by the business against loss due to collision, theft, fire, vandalism, etc.

LIABILITY UMBRELLA
Provides additional liability coverage over the general liability and commercial auto policy.

PROFESSIONAL LIABILITY / ERRORS AND OMISSIONS / MALPRACTICE
Provides coverage against lawsuits arising out of professional services and/or advice given to others. Vocations that have an exposure include doctors, lawyers, insurance agents, realtors, technology companies, consultants, engineers, architects, etc.

DIRECTORS & OFFICERS LIABILITY (D&O)
Covers the directors and officers of an entity against lawsuits arising from the actions of the directors and officers or their failure to act. Common among charitable and non-profit organizations, homeowner associations, companies with boards of directors.

EMPLOYMENT PRACTICES LIABILITY
Employment Practices Liability covers lawsuits brought by past, present or perspective employees against owners or management alleging wrongful acts including harassment, wrongful termination, failure to hire, failure to promote, etc.

POLLUTION
Pollution coverage for the damage caused by pollutants to people and/or property and for the cost to clean up the pollutants.

BONDS
A financial guarantee of the bonding company to pay on behalf of the bondholder if the bondholder fails to perform.

WORKERS COMPENSATION
Covers employees for medical bills and loss of income due to a workplace injury or illness. Employers are required by law to purchase this coverage. These loss of income benefits are modest.

Guardian does not offer nor does it service Property & Casualty insurance.

Luttner Financial Group, a Lifetime Financial Growth Company is an Agency of The Guardian Life Insurance Company of America (Guardian), New York, NY. Securities products and services offered through Park Avenue Securities, LLC (PAS), member FINRA, SIPC. OSJ: 244 Boulevard of the Allies Pittsburgh, PA 15222, 412-391-6700 PAS is an indirect, wholly-owned subsidiary of Guardian. Luttner Financial Group, a Lifetime Financial Growth Company is not an affiliate or subsidiary of PAS or Guardian. Important Disclosures GEAR #2014-10161 (exp.08/16)