As the temperature falls and end of the year projects begin to wrap up, building industry professionals may finally get a break from their busy schedules. This is a great time to review your insurance coverage.
For example, when was the last time you checked your general liability exposures? What’s covered under your subcontractor agreements? What tools and equipment were written into your policy? If it’s been a year or more since you updated your commercial insurance policy, it might be time for a quick checkup with a local agent. Changes to any of the above impact how much commercial coverage you need, which is exactly where Frankenmuth can help.
With options to customize coverage, you can benefit from business insurance that’s tailored to your unique needs. Plus, Frankenmuth offers special savings for HBA members. And, an additional product designed especially for you.
Frankenmuth’s HBA of Michigan Protection Plus Endorsement includes 33 property coverages and 18 liability coverages, including:
KEY PROPERTY COVERAGES
• Business income and extra expense coverage (at a limit of $25,000) to help you recover from loss of business income or an interruption to operations due to equipment breakdown.
• Ordinance or law coverage (at a limit of $50,000), which can cover losses due to enforcement of local laws regulating the repair of buildings.
• Water back-up or overflow coverage (at a limit of $50,000) to help you recover from building damage as a result of water back-up caused by sewer system, sump pump or drain failure.
• Property in-transit coverage (at a limit of $25,000), which covers damage to HBA members’ equipment, tools, fixtures, etc. while traveling to and from job sites.
• Computer coverage (at a limit of $25,000) to cover damage to electronics, such as laptops, iPads and tablets on-and off-premises.
• Media and records coverage (at a limit of $10,000), which covers damage or theft of important documents.
KEY LIABILITY COVERAGES
• General aggregate limits (the total or maximum limit of insurance) are amended to apply to each location.
• Medical expense coverage is increased by $5,000.
• Voluntary property damage is added with limits of $5,000 for each occurrence (the total amount your insurance will pay per incident) and a $10,000 aggregate.
• Claims-made business errors and omissions, which could provide liability coverage resulting from your error, omission or negligent act, is added with a limit of $25,000.
• A Waiver of Subrogation (an endorsement that prohibits an insurance company from recovering the money they paid on a claim from a negligent third party).
Ready to find the best solution for your business insurance needs? Start a conversation with a local agent. With 338 agencies in Michigan that offer Frankenmuth Insurance, your needs can be matched locally with service and reliability you can count on. Find an agent near you at fmins.com/agentsearch and ask them about the HBAMember coverage. l