Business Insurance

From start-up companies to Fortune 500 corporations, our Business Insurance products and services are designed to meet the needs of any type of establishment. MFE’s Business Insurance team specializes in finding what’s the best for your business to keep you covered. Our Business Insurance brokers walk you through each one of our Business Insurance services, making sure your business is equipped with the essential policies needed for a bright and worry-free future. Our goal is to protect your assets and provide risk-management solutions so you can focus on growing your business.

General Liability Insurance

General Liability Insurance, also called Commercial Liability Insurance, protects you and/or your business from claims of bodily injury and property damage that may arise during your production. It is a policy that covers third-party lawsuits that may occur during a claim. A “third party” can be anyone other than the insured’s employees and workers. With our General Liability Insurance, your business can rest easy knowing that you are protected from a wide range of potential liability issues.

What Does General Liability Insurance Cover?

At minimum, General Liability covers the cost of investigating claims and defending against third-party lawsuits. It pays attorney fees, court costs, witness fees, settlements, and court-ordered judgments. The policy may also cover an injured party’s immediate medical expenses and the cost of repairing or replacing their damaged property.

For example: A person strolls into your set and slips on the just-mopped floors. If they sustain bodily injuries, they may be able to sue you for medical expenses. In the event that situation arises, your client can make a claim on their General Liability policy to cover litigation costs.

Commercial Automobile Insurance

Commercial Automobile Insurance covers owned, hired, borrowed and or non-owned vehicles while used in your business. There are two main components to auto coverage, Liability and Physical Damage. Auto Liability is included to cover you against bodily injury and property damage done to others while the Physical Damage (comprehensive & collision) covers you against theft and damage to the vehicle.

How Does Commercial Auto Insurance Apply To My Business?

It’s simple, if anyone working for you uses their own vehicle or a rented vehicle, you are responsible for the vehicle and the people in the vehicle. You are also responsible for any vehicles that are involved in an accident.

For example: One of your employees (full time or part-time) decides to take their personal vehicle to pick up lunch. During the car ride, your employee gets into an accident and causes damage to another person’s body and car. Commercial Auto Insurance covers damages caused to both parties.

Workers Compensation Insurance

Workers Compensation Insurance, sometimes called “workers comp” is a program mandated by the state which consists of payments (required by law) to be made to a worker or employee who is injured or disabled in connection to their work. Our Business Insurance consultants will educate you on your industries specific rules and regulations to ensure that your business is properly covered. MFE Insurance makes sure that your business acquires the appropriate amount of coverage needed at an affordable rate.

What Does Workers Compensation Insurance Cover?

Each individual state has its own worker’s compensation insurance program, so the coverage details can vary per state. At minimum, workers compensation covers the medical costs from the injury or illness, replacement income, costs to retrain, compensation for any permanent injuries, and benefits to survivors of workers who are killed on the job.

For example: An employee slips and falls while they are working for you (this can be anywhere — at the office, in the field, on their way home from work, etc). Your business’s workers compensation insurance covers the medical bills and the wages they would have received during the days they are scheduled to work.

Errors & Omissions Insurance

Errors & Omissions Insurance, also referred to Professional Liability or E&O Business Insurance, protects your business against an error or omission while rendering a professional service or delivering a product. Typically, E&O Insurance policies are intended to cover financial losses, rather than bodily injury or property damage. E&O Insurance as a part of MF’s BusinesssE Insurance protects your business from situations where errors are made to a product or while conducting a service that could potentially cause liability issues.

How Does E&O Insurance Apply To My Business?

E&O Insurance protects you and your company from lawsuits of alleged libel, slander, defamation, of character or invasion of privacy. E&O Insurance also protects you and your business from lawsuits that occur due to unauthorized use of titles, formats, ideas, characters, plots, plagiarism, unfair competition or privacy, and breach of contract.

Equipment Breakdown Insurance

Equipment Breakdown Insurance covers essential machinery and equipment required to run and or operate your business. Acquiring Equipment Breakdown Insurance grants you and your business the peace of mind that your business will continue to run smoothly following a breakdown incident. Once the incident has been covered, it may assist your business with either repairing the broken equipment or a full replacement. It should be known that Equipment Breakdown Insurance comes with a coverage limit, therefore once your limit has been met, any additional expenses turn into out-of-pocket costs for you and your business.

What Does Equipment Breakdown Insurance Cover?

At MFE, our Equipment Breakdown Insurance will cover essential machinery and equipment needed to operate your business such as boilers, air conditioners, computers, security systems, just to name a few. Equipment Breakdown Insurance does not cover machinery or equipment that has broken down due to age or improper maintenance.

Loss of Income Insurance

Business Loss of Income insurance protects your business against loss of income due to a covered loss over an extended period of time. Coverage limits are written based on a percentage of sales or the actual loss sustained. Obtaining Loss of Income Insurance has the potential to cover net losses your business may accrue and may cover relocation fees in the event you move to a new location.

How Does Loss of Income Insurance Apply To My Business?

By adding Loss of Income Insurance to your policy, payroll, taxes, advertisements, mortgage payments, and similar needs are covered in the event a natural disaster occurs and leaves your business temporarily inoperable. This Business Insurance policy will also cover the fees required to reinstate your business at a temporary site, while the original location is being repaired.

Directors & Officers Insurance

Directors & Officers Insurance, also known as D&O, is a form of liability insurance that covers the executives and the company for claims resulting from their management decisions. Should any unfortunate claim arise within your business, the addition of D&O Insurance provides valuable protection to the accused executive and your business as a whole. Examples of D&O claims include but are not limited to: breach of fiduciary duty, failure to comply with workplace laws, theft of intellectual property and misrepresentation.

How Does Directors & Officers Insurance Apply To My Business?

Say the COO of your company is accused of theft of intellectual property. With D&O Insurance, the COO and the company as a whole is protected. This policy also attracts and retains outside directors and officers by reducing the exposure of risks associated with the industry.

Employee Benefits Liability Insurance

With Employee Benefits Liability Insurance, any errors or omissions in the activation or application of your company’s employee benefit program is covered. MFE Employee Benefits Liability Insurance covers health and life insurance, retirement plans, and any other benefits offered by your company through the employee benefit program.

How Does Employee Benefits Liability Insurance Apply To My Business?

Say a new employee signs up for your company’s health insurance plan, and has somehow been forgotten to be added to your company’s plan. The new employee files a medical claim and is denied coverage by the health insurance provider because there is no record of the new employee having any insurance plan. With Employee Benefits Liability Insurance, the coverage would be paid for, that would have normally been covered if the health insurance plan was activated.

Crime Insurance

Crime insurance coverage includes several different types of coverage like employee dishonesty coverage (theft by employee), forgery or alteration coverage, computer fraud coverage, funds transfer fraud coverage; kidnap, money and securities coverage; and money orders and counterfeit money coverage.

How Does Crime Insurance Apply To My Business?

In the event that you have an employee that has been embezzling money from your company and skips town before it has been brought to your attention. As a division of our Business Insurance policies, an MFE Crime Insurance policy will provide protection for your company and it’s lost assets.

Property Insurance

Property Insurance covers business-related property damage that has occurred at your place of business. The Property Insurance policies at MFE will assist your business in repairing or replacing the covered damaged property. Common types of property include the building or structure, contents, fixtures, improvements and betterment’s, inventory, computers and related hardware. Other beneficial property coverages include loss of income and extra expense, water backup of sewer or drain, and other beneficial enhancements.

How Does Property Insurance Apply To My Business?

In the event an employee is moving inventory in the stock room and accidentally runs into the server rack, destroying all of your company’s equipment. Property Insurance will assist in repairing or replacing the covered damaged equipment.

EPL Insurance

Employment practices liability insurance (EPLI) is designed to protect the employer against employee discrimination claims. Common discrimination claims against employers include age, sex, race, and disability. EPL Insurance also protects employers from claims such as wrongful termination, sexual or non-sexual harassment, glass ceilings and other employment-related discrepancies. EPL policies can also include wage and hour coverage, which pays the defense costs for allegations relating to failure to pay overtime.

How Does EPL Insurance Apply To My Business?

Say an employee files a discrimination claim against you because he or she thinks they did not receive a raise they believed they deserved due to their gender. Although EPL Insurance cannot guarantee coverage for all claims against employers, your company is much more prepared with an EPLI policy in place. It is best practice to educate yourself on all facets of employment law, for potential claims that may arise.

Excess Liability Insurance (Umbrella Liability Insurance)

By acquiring Excess Liability Insurance (Umbrella Liability Insurance) with MFE, you are providing your company with protection for claims that exceed the limits of your primary liability policy. The Excess Liability Insurance branch of MFE’s Business Insurance does not respond until the limits of your primary liability policy has been met. This policy is ideal for growing companies that run the risk of a potential large loss, with coverage limits starting at $1,000,000.

What Does Excess Liability Insurance Cover?

For example: Say on set, a prop falls into multiple people walking by resulting in multiple injuries that exceed $3 million in medical payments. Your General Liability Insurance will cover the first $2 million, the Excess Liability will cover the remaining $1 million.