Protecting Your Business

The overall risk strategy of your business should go far beyond simply bidding out your insurance program to the lowest cost company. While you certainly need to make sure you are receiving a good value, always remember that insurance is worth nothing if it is not going to take care of you at the time of a loss.

A proper Insurance and Risk Management program must go far beyond comparing policy premiums and dive into Safety Programs, Risk Transfer, Human Resources and Insurance Coverage tailored to your specific industry. We know this because we have been providing tailored Insurance and Risk Management programs to the Atlanta area and beyond for over 70 years. We look forward to showing you how our knowledge and experience can help your business continue to thrive.

Industries

When Education is one of your core values, you tend to learn quite a bit over seven decades of providing Insurance and Risk Management Programs to a wide range of Atlanta businesses. Over time, you begin to gravitate to certain industries where your expertise and product offerings intersect for truly superior client service. Although we are able to apply our core risk management principles to almost any industry, there are certain areas that have become second nature to our advisors after years of day to day involvement in their business planning and execution. Whether it is knowing the specific contractual wording that could place our client in peril or pointing out a nuanced coverage deficiency that only a company in your industry might have, Townley Kenton is prepared to protect your company in a manner most Insurance Brokers may not consider.

Some of the industries where our expertise shines include:

Construction
Manufacturing

Architects and Engineers
Religious Organizations
Restaurants

Trade Contractors
Technology

SterlingComp

Your worker’s compensation policy is the most expensive financing agreement you have in your business today. Not only do you have to pay the initial premium each year, if you actually use the policy your costs automatically increase as a result of the experience modification formula! For larger companies, just one injury could end up costing your business tens of thousands of dollars in direct costs alone. After accounting for the indirect costs of an injured employee, the total cost to your business becomes downright scary. Luckily, Townley Kenton has developed a federally trademarked program, SterlingComp, to help you take control of these costs and turn your worker’s compensation into a cost-saving marketing tool! As Certified Workers Compensation Advisors, we have access to a national network of Workers Compensation experts to supplement our in-house expertise. When combined with our program, these resources help create a safer work environment for your employees and keep more of your Workers Compensation premiums in your pocket for future investment.

Risk Consulting

In any business, the key to success is having a strategic plan that includes actionable steps to help you reach your company goals. One aspect of this plan that is often overlooked is the Risk Management component of the plan. As your Risk Management partner, Townley Kenton is able to fill this gap in your plan with a vast array of resources to make you a safer company and provide risk based decision making to supplement your growth goals. There are simply too many changes in the regulatory environment for you to keep up with if there is not a full time Risk Manager at your company. Even if you do have that position or department, Townley Kenton can help increase their efficiency with additional tools and resources that your in house staff may not have access to. Every company faces different issues, whether you need an HR department, OSHA compliance, a fleet safety program or any other Risk related support, Townley Kenton will partner with you to develop, implement, monitor and adjust your plan to ensure long term success!

Insurance Products

70 years ago, an insurance agency could write a general liability, property and workers compensation policy for a company and that would be pretty much all they needed. However, as lawsuits and court cases over coverage have piled up over the years, some of the basic insurance policies have been stripped down to the point they might not cover a cup of coffee! While some of the old risks faced by businesses back then are still covered in a general liability policy, many of the most common risks faced by businesses today are excluded and entirely new policies have been created to fill these gaps. Some of these new risks include Cyber Liability, Employment Practices Liability, Crime and Directors and Officers Coverage. Do you have a computer and employees? If so, your trusty general liability policy might not be covering you for everything you think it is.

Some of the Tailored Coverages provided by Townley Kenton include:

Workers Compensation Insurance
General Liability Insurance
Property Insurance
Employment Practices Liability Insurance

Commercial Umbrella Insurance
Crime Insurance
Directors and Officers Insurance
Errors and Omissions Insurance
Fiduciary Liability Insurance

Cyber Liability Insurance
Construction Bond
Builders Risk Insrance
Surety Bond

Workers Compensation Insurance

Workers Compensation is the most controllable insurance expense in your business today. It is also one of the most important coverages you have, not only because it is required by law, but also because it has a direct relation to the productivity of your employees and the success of your business. Because of the importance taking care of your injured employees has on the success of your business, Townley Kenton has developed a Federally Trademarked Program, SterlingComp®, to help you better control your Workers Compensation costs. You may explore the ways SterlingComp® can help you

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General Liability Insurance

General Liability Insurance protects your business from bodily injury or property damage that you are found liable for and can also provide a defense even if you are not. This is still one of the core coverages required to do business even though the scope of coverage has diminished significantly over the years. Many exposures that used to be covered under a general liability policy are now excluded, creating a need for you to focus on other types of coverage if you want to protect against perils such as discrimination, a cyber attack or professional design errors.

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Commercial Property Insurance

Commercial Property Insurance can be much more complex than your standard homeowner’s policy. Many times, commercial buildings are valued at significantly higher amounts than personal homes and therefore require different coverage philosophies and a focus on building maintenance. A proper building maintenance plan may be the most important part of your property coverage as the goal should be to stop a loss before it ever starts. Townley Kenton is able to provide onsite risk surveys to help you formulate the proper maintenance plan for your building while making sure your policy actually takes care of you at the time of a loss.

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Employment Practices Liability Insurance

While your employees are one of your greatest assets, they can also be one of your greatest risks. Unfortunately, disgruntled employees can cause all kinds of problems for your business even if you have done nothing wrong. According to a 2015 industry survey, the average cost to defend an employment related lawsuit is now $125,000 for companies under 500 employees. Many people think this is covered by general liability insurance but it is not. In fact, Employment Practices Liability is one of the most common exposures that companies don’t actually have coverage for, even though for many it is a greater risk. Townley Kenton can help determine what your exposure is along with developing a plan to reduce your risk using our extensive HR resources

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Cyber Liability Insurance

Security Breaches have been one of the most publicized issues in the news over the past few years and the frequency and severity of the breaches continue to increase at an exponential rate. It would be fair to say that for many industries, much of the insurance risk has actually shifted from physical risk to cyber risk. Cyber Liability Insurance was created to protect against a wide range of issues and costs that result from a breach. These include the costs to notify your clients, provide ongoing credit monitoring, pay for a forensic investigation and recover from fraudulent electronic funds transfer as a result of a breach. Our advisors have the training and programs needed to protect you before a breach and the experience to guide you after it occurs.

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Commercial Umbrella Insurance

For most business owners, their company is their largest asset. Commercial Umbrella Insurance is the primary vehicle to make sure those assets are fully protected. With a typical general liability policy businesses are often covered up to $1 Million but if a lawsuit against your company exceeds that amount an umbrella policy is the only line of defense. Additionally, in some industries you will not be allowed to work for another company unless you have sufficient umbrella coverage that could far exceed your existing general liability limits. We will help you review your program options and show you that Commercial Umbrella coverage may not only be the largest amount of coverage you purchase, but also the most cost effective.

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Crime Insurance (Employee Theft)

Another Employee based issue that is difficult for employers to address is Commercial Crime or Employee Theft Insurance. It is easy to believe that no one at your company would ever steal from you or others but unfortunately the facts seem to paint a different picture. With some estimates as high as $50 Billion per year, employee theft is an issue that plagues large and small businesses alike. Many times, smaller companies without strict controls are an easy target and the culprits are often long term trusted employees. Whether the crime involves forging checks, stealing from your clients or setting up fake vendors, employees have developed a number of ways to syphon money under the radar over the years. It is imperative that you set up proper controls within your business to make sure your company does not fall victim to one of these schemes. And if you do, Commercial Crime Insurance is the only protection you have to recoup the losses suffered by your or your clients at the hands of a nefarious employee. Townley Kenton will help audit your company’s processes and set up a structure to protect you moving forward, all while providing the peace of mind that comes with Crime Insurance.

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Directors and Officers Insurance

Directors and Officers Liability Insurance is an imperative coverage for a wide variety of organizations both to protect the organization and the individuals serving on the board or on the management team. If a client, vendor or other third party brings a lawsuit for an alleged wrongful act, the personal assets of board members would be exposed and unprotected without Directors and Officers coverage. As with many other management liability coverages, the details of the claim and coverage form could also vary significantly depending on the circumstance and policy contract. Just because you have purchased a Directors and Officers Liability policy doesn’t mean it will always respond when you think it will. Townley Kenton has the experience to dive deep into the details of your coverage to make sure the coverage you think you have is actually there.

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Fiduciary Liability Insurance

Ever since the passage of the Employee Retirement Income Security Act of 1974 (ERISA), the risk to private companies who sponsor employee benefits has been an ever present peril threatening fiduciaries of these plans. Although there is similar coverage in both the General Liability and Directors and Officers policy, lawsuits emanating from a violation of ERISA are typically not covered under either policy. Fiduciary Liability fills this coverage gap and provides fiduciaries with the protection they need to cover their assets should a plan participant or the government bring an action against them. There is a long list of potential situations that could lead to a suit including poor advice, failure to fund a plan, wrongful termination of a plan and lack of diversification. Additionally, many companies believe that if a third party is administering the plan this alleviates them from liability but unfortunately this is not the case. Townley Kenton has seen a variety of plan setups over the decades and has the experience to make sure you are properly protected.

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Errors and Omissions Insurance

Errors and Omissions, or Professional Liability Insurance is the most important coverage some Professional firms have. While there are certain industries that have a lower exposure due to their operations, others such as Architects, Engineers and Attorneys have an enormous Professional Liability exposure. It is not uncommon for these firms to have a general liability policy that costs very little while carrying a Professional Liability policy that costs significantly more. The details of your operations are paramount to making sure you have the right protection and are not paying too much for this coverage. You need to have an advisor with the proper experience to navigate your firm through complex issues such as your contractual liability, proper allocation of revenues and pre-claim assistance necessary to keep your firm out of litigation.

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Builders Risk Insurance

If you are about to undertake a new construction project, Builders Risk Insurance is the one coverage you don’t want to start without. Whether you are the project owner or the contractor, Builders Risk Insurance will protect your investment in materials and equipment being installed throughout the course of construction. When a project becomes larger, the complexities of Builders Risk coverage can increase and you will need a partner to guide you on the proper program structure to keep you moving forward. Like many insurance products, the contracts for Builders Risk Insurance can vary greatly which is a dangerous proposition if you don’t know what you have purchased. Townley Kenton can help you secure the right coverage for a variety of projects ranging from a single family home renovation to a multi-million dollar commercial construction project.

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Commercial Flood Insurance

Water Damage from a flood has always been an exclusion on both personal and commercial property insurance policies. Many property owners do not realize this until their finance company advises them to purchase flood coverage as a requirement of their loan. It is important to know that purchasing flood coverage is not like buying other insurance products. Coverage is administered by the National Flood Insurance Program and the premiums and coverage levels remain the same no matter which insurance company is writing the policy. In fact, if you receive a quote from an agent that seems significantly less than others, the only difference could be a reduction in coverage or incorrect rating factors….buyer beware! Townley Kenton has the capacity to fulfill all of your flood insurance needs and offer excess flood coverage if higher limits are needed as well.

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Surety Bond

If you are a contractor, there may be nothing more important to you than the ability to get bonded for a job. If you can’t get bonded then you can’t get work….it is that simple. The most common type of construction bonds are the payment and performance bonds which are often written in conjunction with each other. These are often required in government contracts and larger private sector jobs to make sure the project is completed and both the obligee (project owner) and subcontractors are protected should the principal (contractor) not fulfill their obligations. As many companies found out during the financial crisis, if you have financial issues then it can make obtaining a bond significantly more difficult leaving your firm unable to get work. We will work with you to improve your bonding capacity and make sure your company isn’t out of the running before the bidding begins.

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Protecting Your Business

Industries

SterlingComp

Risk Consulting

Insurance Products

Workers Compensation Insurance

General Liability Insurance

Commercial Property Insurance

Employment Practices Liability Insurance

Cyber Liability Insurance

Commercial Umbrella Insurance

Crime Insurance (Employee Theft)

Directors and Officers Insurance

Fiduciary Liability Insurance

Errors and Omissions Insurance

Builders Risk Insurance

Commercial Flood Insurance

Surety Bond

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