lip balm vs balm

lip balm and balm both are nouns.

Word	Noun	Adjective	Verb	Adverb
lip balm	Yes	No	No	No
balm	Yes	No	No	No

As nouns, balm is a hypernym of lip balm; that is, balm is a word with a broader meaning than lip balm:

lip balm: a balm applied to the lips
balm: semisolid preparation (usually containing a medicine) applied externally as a remedy or for soothing an irritation

Other hypernyms of lip balm include ointment, salve, unction, unguent.

lip balm (noun)	balm (noun)
a balm applied to the lips	semisolid preparation (usually containing a medicine) applied externally as a remedy or for soothing an irritation
	any of various aromatic resinous substances used for healing and soothing