Key Terms

Business interruption – this coverage pays for loss of earnings when business operations are affected by property damage or loss (fire, water damage or theft for example)

Credit insurance – coverage for distributors, wholesalers, or manufacturers that guarantees they will be paid for goods shipped.

Equipment failure – coverage that pays for loss of property or lost sales as a result of equipment that is vital to manufacturing your product or performing your service breaking down.

Liability – coverage that pays for a loss if the insured person is found liable for bodily injury to others or damage to someone's property.

Loss of stock or product – coverage to protect a retailer, manufacturer or wholesaler/distributor from property loss due to damage to finished products (or the supplies and materials used to make that product) through fire, water damage or theft.

Product recall – coverage for distributors, wholesalers and manufacturers protecting them from liability for bodily injury or property damage caused by a product that they make or distribute. Often also covers the costs of recalling the product. Typically, things like product design or manufacturing errors are the root cause of a recall.

Property damage – covers an insured for the costs of repairing or replacing items damaged or destroyed as a result of fire, theft, water damage or other specified perils.

Transit & cargo – coverage for the costs of repairing or replacing items lost, stolen or otherwise damaged while being shipped from one location to another.

Let our business insurance specialists help you with a free on-site commercial insurance assessment of your needs by contacting us at any of our insurance offices in the Vancouver area.