FAQ / Insurance 101

We get that all of this insurance Jargon is confusing, hopefully our below Glossary helps you make sense of this all

  • Provides 2 main coverages, Property and General Liability. Our BOP also goes a few steps further than most, by providing over 50 additional coverage features to better protect your business.

  • Provides coverage for employees who become injured or disabled on the job.

  • Provides coverage for losses related to technology services or products that you provide to your client. While this is typically a separate policy, StartSure has $25K of coverage for Targeted Hacker Attacks, and $25K for Identity Theft built into our BOP. Higher limits can be purchased by buying a separate policy.

  • Provides coverage for wrongful acts in the workplace such as wrongful termination, discrimination, sexual harassment, and retaliation. While this is typically a separate policy, StartSure has $100K of coverage built into our BOP. Higher limits can be purchased by buying a separate policy.

  • Provides coverage for claims related to inadequate work or negligent actions. Errors and omissions insurance often covers both court costs and any settlements up to the amount specified by the insurance contract.

  • Provides coverage that protects individuals if they are sued for the decisions that they made as a director or officer of the business. It covers the legal fees and other costs the organization may incur as a result of such a suit.

  • Provides coverage that protects employers against employees' fraudulent or dishonest actions. While this is typically a separate policy, StartSure has $25K of Employee Dishonesty built into our BOP. Higher limits can be purchased by buying a separate policy.

  • Quote:

    This document highlights the coverages and pricing being offered to the client

    Binder:

    This document confirms the coverages and pricing purchased by the client. It basically serves as a placeholder until the policy is issued

    Policy:

    This document includes all coverage details purchased by the client.

    Endorsement:

    This is a document that adds or removes coverage to the base policy form

    Limit:

    This is how much coverage the policy provides for any given coverage

    Deductible/Retention:

    This is the client's out of pocket responsibility before the insurance limit

    Policy Term:

    The length of the policy. Typically 1 year

    Effective Date:

    The date the coverage starts

    Expiration Date:

    The date the coverage ends

    Loss:

    Injury or damage sustained by an Insured

    Claim:

    A formal request to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured

  • Property Insurance:

    One component of a BOP which covers damage to property owned by you. This coverage is further broken into 2 parts: 1) Business Personal Property (BPP) which covers office furnishings, 2) Business Income which covers loss of income due to a covered loss

    General Liability/GL:

    The other primary component of a BOP which provides coverage for your legal liability resulting from injuries and damage to people and/or property.

  • Computers, Software and Data:

    $50,000 at covered location, and $25,000 worldwide while traveling

    Employment Practices Liability:

    $100,000 of coverage for wrongful acts in the workplace such as wrongful termination, discrimination, sexual harassment, and retaliation.

    Employee Dishonesty:

    $25,000 in coverage for employee theft of money, securities, or property.

    Identity Theft/Recovery Services:

    $25,000 in coverage for addressing such attacks.

    Targeted Hacker Attack:

    $25,000 in Direct Damage and $25,000 in Business Income Coverage in the event computer systems are hacked or damaged

    Personal Effects:

    $25,000 in coverage for damage or theft of personal effects from a covered location

    Forgery & Alterations:

    $25,000 in coverage for forgery of written checks or bank withdrawals

    Fine Art:

    $25,000 in coverage for damage or theft of Fine Art

    Fiduciary Liability:

    $25,000 in coverage for claims related to the mismanagement of a company’s employee benefit plans.


  • While StartSure is the online platform that makes dealing with this insurance stuff easier than "cooking" ramen, CNA is the insurance company that is actually insuring your business. They have been doing this insurance thing since 1897, and are one of the most well capitalized insurance companies in the country. We think they are the best at what they do, and we only work with the best (yourself included)!