What Is Business Interruption Insurance? Business interruption insurance is insurance coverage that replaces business income lost in a disaster. The event could be, for example, a fire or a natural disaster. Business interruption insurance is not sold as a separate policy but is either added to a property/casualty policy or included in a comprehensive package
What Is the Business Judgment Rule? The Business Judgment Rule is a legal doctrine that helps to guard a corporation’s board of directors (B of D) against frivolous legal allegations about the way it conducts business. A legal staple in common law countries, the rule states that boards are presumed to act in “good faith”—that is
What Is Business Liability Insurance? Business liability insurance protects the financial interests of companies and business owners in the event that they face formal lawsuits or any third-party claims. Such policies cover any direct financial liabilities incurred, as well as any legal defense expenses. The three main types of business liability insurance are: General liability insuranceProfessional liability
What Is Business Logic Business logic is the custom rules or algorithms that handle the exchange of information between a database and user interface. Business logic is essentially the part of a computer program that contains the information (in the form of business rules) that defines or constrains how a business operates. Such business rules are operational policies that are usually
Investopedia / Laura Porter What Is a Business Model? The term business model refers to a company’s plan for making a profit. It identifies the products or services the business plans to sell, its identified target market, and any anticipated expenses. Business models are important for both new and established businesses. They help new, developing
What Is the Business and Personal Property Coverage Form (BPPCF)? The business and personal property coverage form (BPPCF) is a form that defines the aspect of a commercial insurance policy that insures against accidental damage to owned buildings, owned business personal property and non-owned business personal property. Understanding the Business and Personal Property Coverage Form
What Is a Business Plan? A business plan is a document that defines in detail a company’s objectives and how it plans to achieve its goals. A business plan lays out a written road map for the firm from marketing, financial, and operational standpoints. Both startups and established companies use business plans. A business plan
What Is Business Process Outsourcing (BPO)? Business process outsourcing (BPO) is a method of subcontracting various business-related operations to third-party vendors. Although BPO originally applied solely to manufacturing entities, such as soft drink manufacturers that outsourced large segments of their supply chains, BPO now applies to the outsourcing of various products and services. Key Takeaways Business process
What Is a Bumbershoot Policy? The Bumbershoot policy is a specialized form of excess liability insurance targeted to the maritime industry. The Bumbershoot coverage most often adds to the protection from an umbrella liability policy. These policies cover dry and wet incidents for maritime and non-maritime activities. Key Takeaways Bumbershoot policies are a type of
What Is a Bump-Up Certificate of Deposit? A bump-up certificate of deposit (bump-up CD) is a savings certificate that entitles the bearer to take advantage of rising interest rates with a one-time option to “bump up” the interest rate paid. The bump-up CD yields a lower rate than that of a similar CD with no
