What Do You Actually Know About Business Insurance?
Before starting a business, it is important to know the risks that surround it. Also, it is important to learn all about the type of insurance that would be good for you before you jump in. Take this quiz and learn more.
- 1.
What general term is used to describe policy conditions that specify what the insured and insurer must do after a loss?- A.
Loss Sustained Condition
- B.
Loss Provisions
- C.
Loss Conditions
- D.
Loss Ratio
- 2.
In business insurance, this is the vanishing of the property with no explanation.
- A.
Mysterious Disappearance
- B.
Employee Dishonesty
- C.
Theft
- D.
Robbery
- 3.
Your policy coverages begin and end on a certain date. What is this referred to as?
- A.
Policy Jacket
- B.
Policy Limit
- C.
Policy Period
- D.
Policy Territory
- 4.
What is another word for "Professional Liability Insurance"?
- A.
Hit and run insurance
- B.
HomeBased Business Insurance
- C.
Commercial Property Insurance
- D.
Errors and omissions insurance
- 5.
What does General Liability Cover?
- A.
Covers to protect things like bodily harm, property damage, medical expenses, libel, cost of defending lawsuits, and settlements
- B.
Covers things that are general
- C.
Covers everything
- D.
None of the above
- 6.
Which best defines Commercial Property?
- A.
Covers everything related to cars
- B.
Covers everything related to the loss and damage of company property
- C.
Covers everything related to loss of employment in the company
- D.
None of the above
- 7.
What does property insurance cover?
- A.
Covers your automobiles
- B.
Covers people
- C.
Covers your job
- D.
Covers equipment, signage, inventory and furniture in the event of a fire, storm or theft
- 8.
If employees are using their own cars for business…
- A.
The business insurance covers the car
- B.
Property insurance covers the car
- C.
Their own personal insurance covers the car
- D.
Their car is not covered
- 9.
Who is concerned by business interruption insurance?
- A.
Small businesses
- B.
Businesses that require a physical location to conduct business
- C.
Businesses with cars
- D.
None of the above
- 10.
What does business interruption insurance do?
- A.
It does nothing
- B.
Helps you purchase a car for your business
- C.
It helps you buy a new location
- D.
Compensates a business for its lost income during events that cause a disruption to the normal course of business
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