Business Insurance Coverage Concepts

This video by Jeremy from Shine Insurance provides an overview of business insurance, focusing on four main areas: liability coverage, property coverage, workers compensation, and commercial auto insurance. It explains the importance of each type of coverage, common limits, and how they protect businesses. The video also offers downloadable forms to help viewers organize their insurance policies and provides additional resources for deeper understanding.

What are the four basic parts of business insurance covered in the video?

• Liability, Property, Workers Compensation, Commercial Auto

• Health, Life, Property, Auto

• Property, Life, Workers Compensation, Commercial Auto

• Liability, Health, Workers Compensation, Auto

Which type of coverage is for bad things that happen to other people because of your business?

• Property Coverage

• Workers Compensation

• Commercial Auto Insurance

• Liability Coverage

What is the common limit for general liability coverage per occurrence?

• $500,000

• $1,000,000

• $5,000,000

• $2,000,000

Which coverage is specifically for injuries to your employees?

• Professional Liability

• Medical Expenses

• Workers Compensation

• General Liability

What does building coverage protect?

• The physical building itself

• Employee health benefits

• Cyber breaches

• Vehicles owned by the business

Which coverage helps with lost income due to a covered business shutdown?

• Employee Dishonesty

• Business Income Coverage

• Forgery and Alteration

• Business Personal Property

What are the three separate numbers in workers compensation coverage limits?

• Per injury, per occurrence, per person

• Per injury, per sickness, per person

• Per injury, total sickness, per person sickness

• Per injury, per year, per person

What is the basis for calculating the premium for workers compensation?

• Type of work and annual payroll

• Number of employees and annual revenue

• Type of work and number of employees

• Annual revenue and number of clients

What does commercial auto liability coverage protect against?

• Damage to your own vehicle

• Injuries to your employees

• Damage and injuries to others by your vehicle

• Cyber breaches

Why is it important to understand state laws regarding commercial auto insurance?

• Because coverage options vary by state

• Because it affects health benefits

• Because it impacts property coverage

• Because it determines workers compensation limits