Ann Arbor’s Thayer-Innes Insurance and Freeman Bunting Insurance Agency provide more than just cookie-cutter, off-the-shelf insurance policies. With access to multiple companies, our commercial lines specialists will tailor your business policies to your company’s needs, and will work meticulously with you to help avoid unnecessary exposures, expenses, and coverage gaps.
There are many factors that require consideration when determining the insurance coverage you need and the premiums necessary to obtain general liability protection. Our staff will look at not only the potential risks of your business, but also your company’s prior loss history and the size of your operation. Your general liability policy will cover injuries to third parties on your premises and the costs of damages that occur to a third-party’s property that is either caused by you or your employee and that you would be held legally liable for.
While general liability insurance is an essential coverage, it’s imperative that you also protect your company’s physical assets as well: your building, its contents, and any outdoor property associated with the business. A comprehensive property insurance policy will include financial protection against:
- Storm damage
- Malicious acts
Professional liability insurance, also referred to as errors and omissions (E&O), is a coverage needed by any business or individual that offers professional services or advice for a fee. This insurance policy protects you from claims of wrongdoing that result in financial damage to a third party (such as your client) due to:
- False advertising
- And more
Many business owners mistakenly assume that a general liability policy will protect them from these types of losses, but typically this type of risk is specifically excluded. Professional liability insurance will help with costs for legal services, damages, and settlements.
Commercial Automobile Insurance
Whether your company owns one vehicle or an entire fleet that is used for business purposes, you face specific automobile exposures that are not covered by employees’ personal auto policies or your own personal auto insurance. Your business is legally responsible when employees drive your cars or even their own cars while running company errands or conducting any business-related transactions. We can design your commercial automobile insurance policy to include the following coverages:
- Bodily injury liability: pays for bodily injury or death resulting from an accident involving you or an employee.
- Property damage liability: provides you, the business owner, with financial protection should your vehicle damage another person’s property.
- Medical payments: covers the medical expenses for you and your passengers if involved in an insurable collision.
- Uninsured/underinsured motorists: provides financial reimbursement should you or an employee be involved in an accident with an uninsured driver or driver with insufficient coverage.
- Comprehensive: pays for vehicle-related costs in the event of theft, vandalism and other than collision losses.
- Collision: pays for damage to your vehicle if it hits or is hit by another object.
Please speak with one of our agents to determine any specific limits of liability or additional coverage that you may need.
Commercial Umbrella Insurance
Your business may be well equipped with the liability insurance products you need, including general liability, commercial automobile liability and others. However, every policy has its limits and in the event of a catastrophic accident or injury that results in a multi-million-dollar suit, how will your company fare? This is when commercial umbrella insurance comes in. Commercial umbrella insurance will provide additional liability limits when your primary policy limits are exhausted. This coverage is especially critical in today’s litigious environment where the number of lawsuits and settlement costs have risen dramatically.
Employment Practices Liability
It’s easy to believe that an employee would never sue their company. In an ideal scenario, litigation would not be something a disgruntled employee would pursue. However, there is no denial that employment-related lawsuits have been on the rise. Employees may sue their employer for a variety of reasons, including:
- Discrimination (race, religion, age, sexual preference, gender, etc.)
- Wage and hour disputes
- Wrongful termination
Your employment practices liability insurance policy will protect your company from allegations of wrongdoing. The policy will provide you with defense coverage even if the employee’s claims are unfounded, and for indemnification if you are found legally responsible.
Directors & Officers (D&O) Liability Insurance
Company leaders are relied upon for resource planning and control, strategic direction, regulatory compliance, and more. With these responsibilities, directors & officers are faced with the possibility of a lawsuit due to claims of negligence or oversight from unhappy customers, disgruntled former employees, shareholders or regulatory bodies, whether there is any merit to the claim or not.
A directors & officers insurance policy will cover your company in the event you and your leadership are sued. The policy provides coverage for:
- Legal fees
- Financial settlements
- Certain civil penalties
When determining what D&O coverage best fits your needs, we will review your company’s risks, bylaws, management structure, and budget. D&O liability exposures are not just a “big company” problem; these are risks faced by the leaders of nonprofits and privately held companies, as well.
Data breaches and other cyber-related risks such as malware, phishing and ransomware are commonplace today affecting all types of businesses and size operations. Customer and employee confidential information can be compromised, and, in some cases, hackers can hold a network system hostage until payment is made. Employee training and best practices for cyber security should be put into place along with a responsive Cyber Liability insurance policy to address these and other exposures.
Cyber insurance provides first- and third-party coverage and can be tailored to fit your business risk profile. A policy can be designed to pay for the costs to recover and recreate data, forensics to determine how a breach occurred, notification expenses, credit card monitoring services, business income (loss of revenue) as a result of the attack, public relations, and ransomware and extortion. Cyber insurance can also be designed to cover liability lawsuits as result of a breach of third-party data, an unintended propagation of malware, and a denial of service attack in which the business unintentionally participated. Policies and coverage vary from one insurer to the next, so it’s important to work with an insurance professional who can put together the right Cyber insurance plan for you. These professionals are Thayer-Innes Insurance Agency and Freeman Bunting Insurance Agency.
- Hospital and physician bills
- Physical therapy
- Other recovery-related expenses