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Business Insurance Overview


At Trustco, we know choosing the right insurance for your business is an important decision. That's why we've created one of the best portfolios of small business insurance companies.

Whether you're a store owner, office professional or wholesaler, our flexible, streamlined small business insurance coverages are designed to protect you against the unique risks and exposures you face - so you can tend to your business and rest assured that it is protected.


2011 Survey of Small Business Owners' Perceptions of Risk

Even as the economy remains uncertain, small business owners continue to find ways to seek out growth opportunities. Find out how.

Download the PDF »


As an industry leader, we pride ourselves in delivering excellence in every phase of our operations. Our insurance professionals work diligently to provide superior products and service. Listed below are a few reasons why Trustco should be your broker of choice:
  • Flexible & competitive products
  • A dedicated team of professionals
  • Customized solutions for your unique challenges
  • Excellent customer service
  • Cutting-edge technology
  • Dedicated claims management service

To find out more select a line of coverage to the left or contact us to find out more

Business Auto


Protection That Goes Where You Go

Auto policies offer far-reaching protection that can be tailored and enhanced in any number of ways to fit any type business or size. Listed below are just a few of the ways our Commercial Auto policies can help your business:
  • Bodily Injury and Property Damage Liability: Coverage if you or one of your employees are held liable for someone's injury or property damage.
  • Physical Damage (Collision): Covers the damage caused by another vehicle or a stationary object, like a building, telephone pole, or guardrail.
  • Physical Damage (Comprehensive): Covers damages caused by a variety of risks, including fire, lightning, theft, vandalism, hail and flood.
  • Hired Auto Physical Damage: Provides up to $100,000 damage for vehicles your business hires or borrows. No need to purchase the rental company's damage waiver!***
  • Hired Auto and Non-Owned Auto: Coverage for bodily injury or property damage that occurs during the use of hired or non-owned vehicles used for your business.
  • Uninsured/Under insured Motorist: Coverage that protects you if you are injured in an accident caused by the operation of an uninsured auto or by a hit-and-run motorist. It also provides necessary payments to cover your loss should the other driver not have enough insurance.
  • Medical Payments for You or Your Passengers: Pays your medical expenses (if they're not covered by workers' compensation) as well as those of your passengers.
  • Lease & Loan Gap Coverage: Due to the steep depreciation in vehicle value, particularly in the first year of ownership, many insureds owe more on a total loss to their lease or lien holder than the actual cash value of the vehicle. These coverages ensure that gap is paid on behalf of the policyholder and we make sure their provided at no additional charge (where available).

Management & Services

"How am I driving" Programs
Trustco provides clients with access to consumer driven feedback of how drivers are performing. Due to our relationships we can provide this at discounted pricing. Additionally, because we help administer and can (at your permission) gain access to reporting, we are able to negotiate superior rates with this data.

Reduced Risk + Reduced Claims = Reduced Costs!


GPS Tracking & Metrics
For our commercial insureds we provide a service that combines the technology of telematics with specifically designed Loss Control services. Telematics allows for real-time identification of driving risk, including potential notifications of when employees speed, go outside of territory, etc. In conjunction with Loss Control services, we can assist your business to effectively evaluate and mitigate those risks.

For many of our clients, we have been able to negotiate additional discounts of up to 15% on their auto insurance premium or see a reduction in loss costs within the self-retained portion of your auto insurance program.

To find out how we can reduce your total auto insurance cost for your business please contact us.

*** Check with your agent for specific coverage, exclusions, etc. Each policy is different and may respond differently to your claim.

Business Owners Insurance (BOP)


For most small businesses a Business Owner's Policy (BOP) is recommended. It is often the most affordable way to obtain broad coverage, along with being the most convenient. Combining both property and liability insurance, a BOP will cover your business in the event of such things as property damage, suspended operations, or lawsuits resulting from bodily injury or property damage to others.

Property Highlights

Building and Business Personal Property: Coverage to help pay for the cost to repair or replace your property, including inventory, office furniture or fixtures damaged by fire or other covered losses.
Computers and Media Technology: Technology is a huge investment for many companies. That's why our policy includes Computers and Media in our definition of covered property. We offer flexible limits that can be tailored to your business needs and reimburses for:
  • Physical loss or damage to your computer hardware
  • Loss of data or computer software
  • Damage caused by computer virus
  • Automatically covers portable computer equipment anywhere in the world while when you or your employees are traveling on business, except when checked as baggage
Computer Fraud: As computer crimes become mainstream, we offer added protection to keep your business safe from electronic predators.

Accounts Receivable: Makes sure you're able to reconstruct lost or damaged records which will enable your business to reissue bills for clients with outstanding balances.

Property in Transit: Helps to protect your business's personal property if damaged during shipment.

Tenant Obligations: As a tenant, you may be responsible for damages to the building caused by a break-in, lease assessments, and damage to windows and glass doors. If so, our policy can help cover these added financial responsibilities.

Off-Premises Utility Services—Business Income: If you experience an interruption in communication, water or power supply due to an accident, storm or similar event, this coverage will reimburse your business income loss during that time.

Liability

Bodily Injury and Property Damage Liability: Helps protect you against financial loss in the event your business is held liable for someone's injury or property damage.

Personal and Advertising Injuries: Helps protect your business from claims of false arrest, malicious prosecution, libel, slander, wrongful eviction, discrimination or humiliation, or invasion of the right of privacy. We can also help protect you if others claim you infringed on their copyrights in your advertisements or that you copied their advertising ideas.

Medical Payments: Pay for reasonable medical costs, regardless of fault if someone is injured on your premises and needs medical treatment.

Damage to Premises Rented to You: Covers up to a specified limit when your lease makes you responsible for damages to the premises that you rent or occupy if the damages happen as a result of fire, lightening or explosion.

Employment Practices Liability: Designed to help protect employers should they be sued by an employee for sexual harassment, wrongful termination or discrimination.

Additional Insured: If a written contract requires you to name someone else as an additional insured on your policy, we'll automatically extend that status and also provide primary coverage if required by contract.

Umbrella & Excess Insurance


With an umbrella liability policy in place, there are fewer worries about depleting valuable business assets or future income to cover catastrophic liability claims. An umbrella liability policy supplements many of your existing policy's liability limits to meet those needs. Coverages available for extension include:

Bodily Injury to Others
If your business is held legally liable for the injuries of others, we extend our coverage to include mental anguish that results from bodily injury, sickness or disease for which you're held responsible.

Personal and Advertising Injuries

Protect your business from claims of false arrest, malicious prosecution, libel, slander, wrongful eviction, discrimination or humiliation, or invasion of the right of privacy. We can also protect you if others claim you infringed on their copyrights in your advertisements or that you copied their advertising ideas.

Products or Completed Operations
For claims arising from the products you sell or the services you complete.

Auto Liability to Others
Some of the largest losses suffered by businesses are a result of auto accidents. Whether your company owns, leases or has salespeople who use their own cars, our Umbrella policy will extend the same primary coverage to your owned, hired or non-owned auto liability exposures.

Business Activities
For some insurance companies, coverage extends personal and advertising injury liability protection to your Web site, including claims arising from your content, chat rooms, bulletin boards or advertisements.

Additional Insureds
If a written contract requires you to name others as additional insureds on your primary policy, we'll automatically extend that status to them in the umbrella policy.** Hartford umbrella policies also include a $10,000 self-insured retention that acts like a deductible and applies to any covered loss for which there is no underlying coverage in place. When written over The Hartford's primary business liability and auto coverage the self-insured retention is often removed.

To find out what coverages are available for your business please contact us.

Workers Compensation


Design a Workers Compensation program that fits your needs!

Safety Reporting
Many clients must report their safety records (E-mod) in order to work on client's premises. Whether due to higher OSHA, MSHA or other safety regulations, your E-mod becomes more than just a higher cost of insurance; it could cost you work as well! Trustco can help keep your claims in check to maximize you competitiveness.

For many employers Workers Compensation Insurance is a significant cost. There are many factors that comprise your workers compensation rates. Helping clients understanding how they can control those factors and convert them into savings is what Trustco does everyday.

Experience Modifier(E-Mod)
Your experience modifier is calculated by NCCI (National Council on Compensation Insurance) which analyzes your claims and premiums versus your industry peers. It applies to your total premiums so controlling this can control your costs. Facts about E-mods:

  • E-mods are mandatory* & calculated by NCCI, not by insurance carriers.
  • E-mods are re-rated once a year, usually at policy renewal time.
  • Employers retain their e-mod even if they change insurance carriers.
  • E-mods are transferred to new owners if the business is sold

Claims Review and Classification Audit

Turning Risks Into Opportunities at the London Olympics

As Mitt Romney noted on his trip to London, there were “disconcerting” signs that London may not be ready for the Olympic Games.  Problems including security services, immigration, etc. were all facing the games close to the start.  At Trustco … Continue reading

  • Review of claims trends for safety training & prevention
  • Assist in closing open claims and reducing reserves
  • Review employee rate classification
  • Develop loss control programs to address frequency/severity trends

Service & Programs
Trustco helps clients determine their optimal workers compensation program design. Trustco provides an analysis of current claim trends in conjunction with projected payrolls & premiums to determine your optimal program. Potential program options include:


E-Mods & Profits

Experience Modifier's affect on the bottom line.

Download the PDF »

  • Guaranteed Costs (fully insured)
  • Deductible
  • Self-insured retention
  • Retrospective Rating
  • Captives (Group, rental & single-parent)
  • Dividend program
Payroll Billing Services
Many of our insurers offer a self-reported premium billing solution for our customers that matches workers' compensation premium payments to your actual payroll amounts and pay periods. It can help seamlessly administer benefits by:
  • Reducing large premium down-payments
  • Avoiding billing charges
  • Managing cash flow
  • Potentially eliminating audits

With this service your workers' compensation is based premium charges on actual, real-time payroll

We are highly experienced in the area of Workers Compensation coverage and can help you with coverage and compliance issues in all states. To find out how we can reduce your total cost of risk for your workers compensation contact us.

* As required by NCCI. Requirements include premium amounts and age of company. Check NCCI.com for a complete list of requirements.

Surety & Bonds


Whether you're an individual seeking a particular type of bond, or run a business with a variety of bonding requirements, Trustco can provide a surety program tailored to your needs.

Surety Bond Overview


Surety bonding is broken into three distinct classes; Contract, Commercial and Fidelity & Court Bonds. While some overlap applies, the most commonly required bonds include:
  • Bid, performance and payment
  • Construction materials supply
  • Court bonds – judicial, fiduciary and probate
  • Depository bonds
  • ERISA fidelity
  • Licenses and permits
  • Lost instrument
  • Maintenance bonds
  • Miscellaneous
  • Notary
  • Public officials
  • Release of lien
  • Tax Bonds
  • Utilities

Expand your business' footprint

Our surety experts have successfully negotiated deals for clients to extend their product offerings from regional to world-wide. Managing the waters of international surety is a very difficult process involving numerous local, national and international regulations. As a result clients are able to expand their business both in volume and geographic scope with Trustco's help.

To find out how Trustco can help expand your business offering, please contact us.

Professional Liability (E & O)


As a professional operating in today's increasingly litigious environment, you easily could be subject to the allegations of unhappy clients who feel they've been harmed by your actions, or inaction. Consider the engineer sued for poor deign of his client's equipment. The client, claiming inadequate engineering, caused the equipment to be fail. Additionally, consider the advertising agency sued for copyright infringement by a musician who alleged that music they used in a commercial was his and not that of the freelance musician the agency hired.

E&O Insurance News
Turning Risks Into Opportunities at the London Olympics

As Mitt Romney noted on his trip to London, there were “disconcerting” signs that London may not be ready for the Olympic Games.  Problems including security services, immigration, etc. were all facing the games close to the start.  At Trustco … Continue reading

S&P affirms Lloyd’s A+ rating

S&P affirmed Lloyd’s rating of A+, making it one of the few carriers with such a stable and positive rating.  At Trustco we work with Lloyd’s quite extensively both for our hard to place risks and for our specialty Homeowners … Continue reading

US sells $18 billion of AIG

The Treasury Department announced it’s intention to sell off $18 billion worth of AIG shares in a move that will take the US from position of majority holdings (53%) to a minority group (20%).  More importantly for tax payers, the … Continue reading

Who needs E&O?

The cost to defend any claims, even the most frivolous, can be financially devastating for uninsured professionals. How to protect yourself You can guard against such scenarios with Professional Liability. It can be designed to protect a wide range of professionals & consultants including:

  • Technology companies, service providers, designers, resellers, on-line services & websites, social media, etc.
  • Skilled Nursing Facilities, Assisted &/or Independent Living Facilities, etc.
  • Physicians, Surgeons, Radiologists, ENT and other specialists.
  • Charities, Entertainment & Media, Manufacturers & Wholesalers, e-tailers, etc.
  • Ad agencies, Telemarketing, Writers, Designers & Copywriters, Press & PR consultants and other content providers
  • Allied Medical:Acupuncturist, audiologist, lab techs, cosmetologists, counsellors, dietician, Homeopath, Massage Therapist, Opticians, Phlebotomist, etc.
  • Staffing & PEO, HR Consultants, Recruiters, Translators, etc.
  • Architects, Engineers, Surveyors, Feasibility Analysts, Interior Designers, etc.

I already have General Liability.


While many companies have General Liability most do not realize it has a number of restrictions that may not cover your actual product & service General Liability policies common limitations include:
  • Policy is triggered by claims of bodily injury or property damage; not financial loss.
  • To constitute property damage, there must be physical damage to tangible property. Data, lost opportunity, and many more are not considered tangible.
  • GL Policies maintain a Professional E&O Services exclusion to insure they don't cover these claims.

Professional Liability fills the gap.

By comparison Professional Liability policies provide coverage for:

  • Covers negligent acts, errors or omissions in the performance of professional services for others.
  • Responds to third party claims – provides coverage if an Insured causes a financial loss to a client or customer caused by the Insured's products, services or business activities.
  • Most policies pay on behalf of the Insured compensatory damages (actual damages, imposed by law) and consequential damages that are a result of a wrongful act, error or omission in the Insured's products or services.
  • Consequential damages are those damages that are caused by an injury, but do not necessarily result directly from that injury. *

Defending the innocent.

For many clients they feel they will never be found liable nor negligent of damages. Nevertheless, an unreasonable client won't hesitate to bring a lawsuit, even when an insured is not actually negligent. Defense costs, even in frivolous cases, can be costly in not only dollars but lost work time

Contact us for additional details on both coverages and claims pertaining to your industry.

 

* Subject to the terms and conditions of the policy. Please refer to your individual policy for specific coverage.

Executive Liability (D & O)


Executive & Management Liability is comprised of numerous policies. Your needs may vary depending on your industry, number of employees and total assets. Executive & Management Liability's goal is to ultimately protect the company's balance sheet, whether owned by you individual or thousand's of shareholders worldwide.

Directors & Officers

While D&O policies vary greatly, there are a few standard features you will find in all Directors and Officers liability policies. Each insurance company has their own unique policy, and with each policy there are numerous individualized endorsements & exclusions. For a complete understanding check your policy or contact your broker. However, each standard policy will have three insuring agreements:

Coverage A:
Directors and Officers Liability

Coverage for the defense and judgements against the directors and officers for any alleged wrongful act while acting as directors and officers. This is personal or individual coverage. This is due to individuals often being indemnified or entitled to indemnification by the corporation. In such cases coverage would be triggered by Coverage B.
Coverage B:
Corporate Reimbursement

Corporate reimbursement portion of a Directors and Officers policy. The policy may either reimburse or pay on behalf of the corporation. This also includes defense along with judgements the corporation is required (or permitted) to pay. Policy is restricted to indemnification as legally and lawfully permitted on behalf of the directors and/or officers.
Coverage C:
Securities Claims or EPL
(Publicly Company) Losses from Securities Claims. Coverage available for both actual or alleged wrongful acts by the corporation, its employee and executives, directors & officers.
(Private Company) Employment Practices coverage for most private company policies.
See Employment Practices section below.


Why do I need D&O?

D&O Insurance News
Turning Risks Into Opportunities at the London Olympics

As Mitt Romney noted on his trip to London, there were “disconcerting” signs that London may not be ready for the Olympic Games.  Problems including security services, immigration, etc. were all facing the games close to the start.  At Trustco … Continue reading

S&P affirms Lloyd’s A+ rating

S&P affirmed Lloyd’s rating of A+, making it one of the few carriers with such a stable and positive rating.  At Trustco we work with Lloyd’s quite extensively both for our hard to place risks and for our specialty Homeowners … Continue reading

US sells $18 billion of AIG

The Treasury Department announced it’s intention to sell off $18 billion worth of AIG shares in a move that will take the US from position of majority holdings (53%) to a minority group (20%).  More importantly for tax payers, the … Continue reading

There are a number of reasons both public & private companies chose to purchase Directors & Officers insurance. These reasons may include:
  • Insurance coverage to protect the assets of your company/organization and the personal assets of the directors, officers, executives and owners.
  • Corporate entities are named as defendants in 80 to 90 percent of lawsuits brought against its directors and officers. D&O can help protect the balance sheet of your company from both frivolous and legitimate lawsuits.
  • Attract and retain more qualified directors and officers with D&O coverage. It protects them while making decisions on behalf of the company/organization.
  • Lawsuits can come from any number of origins: shareholders, vendors, customers, creditors, regulators and the list goes on and on…
  • Defense of a claim alleging conflicts of interest, misrepresentation, breach of duty or unfair business practices (just to name a few) can be financially debilitating…not to mention any settlements and/or judgments that may follow.

Whether you're searching for initial funding of your company, negotiating a buy-out or an established public company D&O insurance can be valuable policy in your risk management portfolio. Our D&O specialists can perform a review & benchmark on your existing coverage and let you know where some valuable improvement may exist. Consider it a "risk management" audit that may protect not just your business but your family's future.


Employment Practices Liability

Even an organization with good human resources policies and procedures in place can be sued. Even if you're innocent of any wrongdoing the cost of defending a claim can be enormous. Legal fees associated with winning an employment lawsuit often exceed $250,000. After you've spent that much on legal fees, it's hard to feel like you've won anything at all! In addition, the average national jury-award for employment practice liability cases was $326,000 in 2008, up 60 percent from 2007.** Some of our insurer's claims have included:

Discrimination:
National origins

An employee sued a company for national origin discrimination in violation of Title VII, which prohibits discrimination based on race, color, religion, sex and national origin. The employee alleged that he was wrongfully terminated when he complained to his supervisors that co-workers had made disparaging remarks relating to his ethnic background. The plaintiff was awarded $250,000 in damages (legal defense in addition to damages).
Sexual Harassment:
Third-Party

Two employees of the company made inappropriate comments about the physical appearance of a female freelance contractor working on the premises. The contractor filed a claim against the company for third party sexual harassment, the suit was settled for $100,000 (legal defense in addition to settlement).**
Alleged Sexual Harassment


The plaintiff allegedly completed an application for employment. She claims that, after completing her application, she was sexually harassed by the employees and managers of the restaurant. Further investigation showed that, after drinking for several hours, the plaintiff decided to apply for a position and she instigated the sexual activity that occurred. The jury came back with a verdict in favor of the insured. Although the insured won the suit, defense costs exceeded $350,000



Whether you have 10 or 10,000 employees an employment lawsuit can be debilitating. From legal costs and depositions to attending Right to Sue hearings any lawsuit can take a lot out of your company; both directly and indirectly. Our Employment Practices Liability specialists can perform a review & benchmark on your existing coverage and let you know where some valuable improvement may exist. Contact us for additional details.

** According to Jury Verdict Research
*** Coverage in this example is extended only if certain optional policy provisions are selected and may not be available in every instance