Moinot Insurance Group, LLC

Independent Insurance Agency



Moinot Insurance Group, LLC
2100 West Loop South, Suite 800
Houston, TX 77027

Call to speak with us now! 281.892.1455 

COMMERICIAL INSURANCE TERMS: PROPERTY, LIABILITY, WORKERS COMPENSATION


Aggregate limits: This is the maximum amount of money that an insurer is contracted to provide the policy holder in a specific policy period. For example, on a particular business liability policy an annual aggregate limit would be the total amount the insurance company would pay for all claims on that policy in a given year.


Blanket insurance: This policy allows a business owner to insure multiple property types at one location, or one property type at multiple locations, all under one policy.


Builders risk insurance: Provides protection for all building materials – on-site, off-site, and in transport – that a builder uses during the course of a construction process.


Business interruption insurance: If your business must shut down due to a covered loss, this form of coverage can provide reimbursement for the expenses that would have normally occurred if the business had been operating.


Business owners policy (BOP): This is a combined policy where property insurance and liability insurance are packaged together at a cost savings for small businesses.


Fidelity bonds: This is a type of insurance that protects an employer from dishonest employee acts.


Commercial property insurance: This policy is meant to protect the building and other business property that you own or lease. Note that equipment insurance is typically a separate policy.


Data breach insurance: This coverage can provide assistance in preventing a data breach as well as mitigate the consequences of a full blown data breach.

Employer’s liability insurance: If an employee files a lawsuit after being injured on the job, this insurance protects the employer. If an employee has workers compensation benefits, the right to sue is limited.


Employment practices liability insurance: This coverage provides company protection if someone is accused of an employment-related claim, such as harassment.


General liability insurance: This policy will protect businesses from most situations where the company could be held liable for bodily injury or property damage. It does not include commercial vehicle or professional liability coverage, which are covered separately.


Marine insurance: This coverage provides protection for company equipment or goods in transport. It also provides coverage if the vehicle transporting the goods is damaged, and provides liability coverage for third parties. You can choose between ocean marine coverage and inland marine coverage.


Personal liability insurance: Your personal liability coverage is part of your homeowners or renters insurance policy. This coverage protects you against personal financial losses if you are responsible for another person's bodily injury or property damage. Legal defense cost is also covered.


Umbrella insurance: An umbrella policy is extra liability coverage that can dramatically increase a firm's ability to settle claims or cover the cost of court judgments in the event of a sizable lawsuit. Typically sold in increments of $1 million, umbrella liability is available at a relatively low cost.


Workers compensation insurance: This policy will provide compensation for an employee’s medical bills, lost wages, rehabilitation and disability coverage in the event of a work-related illness or injury.