Looking for insurance can be confusing and overwhelming on its own. When you start reading about different insurance policies and companies, you may find yourself even more uncertain when reading a bunch of insurance industry acronyms without any indication of what they stand for. The following acronyms may be, by all means, non-inclusive, but it includes many acronyms which are commonly seen and misunderstood. By understanding the most frequently used ones, it’ll be easier to read through insurance information without needing to regularly stop to search for an explanation for the insurance industry acronyms.

ARM: Associate in Risk Management (The job title of someone who can help you in managing risk by avoidance or reduction.)

BI: bodily injury, business interruption or business income

BOP: business owners policy (An insurance package typically carrying general liability, property, and other business-focused policies.)

CP: commercial property (A policy which covers business property repairs and replacement costs.)

DED: deductible (The out-of-pocket payment.)

DOL: date of loss

D&O: directors and officers (A liability insurance that covers the executives for any professional faults or claims.)

E&O: errors and omissions (An insurance policy that covers claims made due to business mistakes or negligence.)

EPL/EPLI: employment practices liability insurance (Coverage for employment-based liability claims.)

GL: general liability

PAP: personal auto policy

PI: personal injury (Includes bodily injury as well as emotional and mental damage.)

WC: workers compensation (A type of policy which covers employee medical bills and work leave.)