Glossary of Insurance Words

Terminolgy for Hands on Trade Professionals

Below, you will find a helpful glossary of insurance terms and definitions that relate to the professions that Hands on Trade covers. Visit our Insurance page for policy information and for answers to common questions about the sign up and renewal process, visit our Frequently Asked Questions page.

What is an occurrence-based policy?

This is insurance that covers claims arising from incidents that happen during the policy term, regardless of when the claim is filed, even if it is years later or after the policy expires.

What is malpractice?

Professional liability misconduct (Errors & Omissions) during a professional service that renders a practitioner liable for damages. It represents a failure to meet the standard of practice for your profession.

What is general liability insurance?

Often called business or commercial general liability insurance, this coverage protects you against third-party claims involving bodily injury.

What is "damage to premises"?

This covers property damage to a physical caused by the named insured (for example, damage caused by a fire). Our policy covers premises damages up to $100,000 per year.

What is a "per occurrence" limit?

The maximum amount the policy will pay out for a single individual claim. Our policy features a $2 million limit per occurrence for both professional & general liability claims.

What is an "aggregate" limit?

The total maximum amount the insurance provider will pay out across the entire policy period. Our policy includes a $3 million aggregate limit per member.