Be Wiser Business Insurance - Glossary of Key Terms

The list below is a collection of key terms and commonly used insurance jargon.
If you have any insurance queries then this is a good place to start.If you cannot find what you are looking for you can also visit our FAQ page.


50/50 Claim:
This is a situation where both parties involved are partially at fault and eventually both insurance companies will contribute towards the cost of the overall claim.

The Association of British Insurers is a market association which has members consisting of insurance providers and brokers that operate in the UK The ABI’s role is to promote the interest of its members using market statistics, issues codes of practice and raises awareness.

Accelerated No Claims Bonus:
Offered by some insurers, it is a quicker way to get a no claims bonus. It allows customers to have a shorter insurance period (such as 9 months) and when it has ended and no claims have been made, the policyholder can enjoy a full one years no claims discount.

Accidental Damage
This refers to damages to an individual, business or premises that were caused by acts of negligence or acts of God. This includes breakages, spillages and perils such as fires, floods and adverse weather. This is usually sold as an optional add on to existing policies.

Be Wiser Business Insurance is an aggregator meaning that it works with a number of insurance companies, compares the different prices and policies and introduces the customer to the most suitable product for them.

Aggregate Limits:
This is the maximum that an insurer can pay out to a customer during a specific policy period. For instance, if the insurance limit for a policy is £10 million for the year, they cannot pay out more than this, regardless of the number of claims.

Any Driver Policy:
Ideal for businesses sharing cars, vans and bikes (such as couriers), you can arrange to make the policy ‘any driver’ so different employees can share the driving on any vehicle. This allows for flexibility between shifts and can boost productivity.