Price is what you pay. Value is what you get.
Commercial insurance is one of the most important investments you can make when starting a new company. Good commercial insurance will protect your company from severe financial loss and can be the difference between going under and staying afloat in the case of damages or a lawsuit. Madison knows business. We will match you with a great agent who will help you create the most appropriate policy for your business.
800 Oak Ridge Turnpike C-104
Oak Ridge, TN 37830
423 S Charles G. Seivers Blvd
Clinton, TN 37716
739 Galleria Blvd. Ste 120
Rock Hill, SC 29730
3440 Blue Springs Rd S-203
Kennesaw, GA 30144
- "Stacey is really passionate about what she does and about helping people. Because of her attention to details and persistence; we now have more insurance coverage and are saving about $11,000 a year on all of our personal and commercial lines of insurance."
- "I have been working with MIG for over a year. They are always prompt in returning my phone calls. MIG takes wonderful care of their clients. Their rates are competitive and the coverage is excellent."
- "I have worked with Stephanie for a few years now. I refer my clients to her because she have over fifteen carriers to shop from for the best option. My clients have been really pleased with her service and so have I."
- "Stacey is a true professional. Her work ethic and attention to detail is second to none. She goes above and beyond to make sure I have exactly the right coverage my family and business needs."
- "I have found that the prompt response and attention I have received from Stacey and the staff at Madison has been excellent. They currently insure my personal autos, home and commercial properties. Their rates have saved me thousands of dollars and they are very quick to respond on a claim. I have been so well pleased that I have gotten a lot of my friends and business associates to switch their insurance and they are also happy with the rates and service."
Click and item below to view our product offerings.
Products to Cover Your Business
- Commercial Auto
- Commercial Property
- General Liability
- Workers' Comp
- Business Owners Policy (BOP)
- Home-Based Business
Commercial auto liability coverage provides protection for any business-owned or leased commercial vehicle. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others.
Just like you need auto insurance for your own car, you need business auto insurance to cover your business-owned or leased vehicles. If you, or any of your employees have an accident in your business's car, you may be liable for bodily injuries, lost wages or any damage caused.
Typical coverage includes:
- Bodily Injury (BI) Liability Coverage for damages that involve bodily injury to others for which you become responsible under law.
- Property Damage (PD) Liability Coverage for damage to property of others for which you become responsible under law.
- Medical Payments Coverage for reasonable and necessary medical expenses and funeral services for those who are accidentally injured while in your automobile or while getting into or out of your automobile.
- Personal Injury Protection Coverage for medical, hospital, rehabilitation, loss of wages or loss of services costs resulting from injury to you or any resident family member. In case of death to the insured or a resident family member, death benefits and survivor benefits, if applicable, will be provided.
Other coverage that may be obtained include:
Comprehensive protection for the loss of or damage to your vehicle and its equipment from all causes except collision, subject to the deductible on the policy.
Collision Coverage for the collision damage to your automobile and its equipment, subject to the deductible on the policy.
Uninsured Motorist Coverage allows you to recover bodily injury damages due to an accident where the other party does not have insurance, and is found legally liable.
Underinsured Motorist Coverage allows you to recover bodily injury damages due to an accident where the other party is found legally liable and does not have adequate liability limits.
Additional Expense Coverage for necessary additional expenses incurred as a result of a loss for which you are protected under comprehensive or collision coverage. These expenses include rental cars, food, lodging and other incidental expenses.
Hired Auto Liability Coverage Covers liability for automobiles hired under contract on behalf of or loaned to the named insured.
Hired Auto Physical Damage Coverage for an automobile of any type, hired, borrowed or leased on a short term basis for use in the insured's business.
Employer's Non-Ownership Liability Coverage for a private-passenger automobile used in the business of the named insured by any person, or the occasional and infrequent use of a commercial automobile in the business by any of your employees.
Property insurance can cover the buildings that you own and/or business property and inventory against physical loss or damage.
If you don't own your building, you'll still need contents coverage. In the most policies, property insurance for business contents covers furniture, fixtures, inventory, office equipment and other supplies stored at your facility or off-premises. You may insure those items for replacement cost or for actual cash value (ACV), which pays only for the depreciated value of the property.
Replacement cost policies have higher premiums, however they can help your business recover from a loss faster, since you can replace all of the lost or damaged property with new items. If you lease some of the equipment at your business, the leasing company may require that you insure the property at replacement value.
Liability insurance is designed to protect the business against losses even if they are negligent or liable for damage, injury or loss to another's property, reputation, or health. Typically, damages, legal defense fees and settlement charges are paid by the insuring company when a claim is filed against the business.
Bodily Injury - Liability coverage may pay the affected person or firm for the cost of care, the loss of services and restitution for death that results from an injury.
Property Damage - In the event your business causes damage to, or causes the loss of use of someone else's property, property damage coverage may pay for the value of the physical damage to the property; or the loss of use of that property.
Products and Completed Operations
A policy may provide coverage for your company's completed products or services. If an injury occurs due to the use of your products or services provided, the policy would pay for the resulting damages and any legal expenses up to the policy limits.
General Liability coverage extends to any liability you may assume by entering into a variety of different types of contracts such as a building lease.
If you're not in the business of manufacturing, distributing, selling, serving or furnishing alcoholic beverages, the policy may protect you in case someone claims you are legally liable for a liquor-related accident.
Hired Auto & Non-Owned Auto
Hired Auto & Non-Owned Auto coverage if requested is typically added as an endorsement on a policy. If their are no vehicles owned by the company this coverage will meet the contract requirement for Commercial Auto coverage.
Hired Auto coverage replaces or augments the liability coverage offered by auto rental agencies for example Non-Owned Auto coverage protects your company in the event that your company is sued as a result of an auto accident that you or one of your employees has in a personal vehicle while on company business.
Non-Owned Auto coverage protects your company in the event that your company is sued as a result of an auto accident that you or one of your employees has in a personal vehicle while on company business.
If someone is injured by you or at your business site, the policy may pay for medical and funeral expenses incurred, up to policy limits, within one year of the accident . For example, if a customer tripped and fell on your premises and had to be hospitalized.
Most General Liability policies provide coverage if you are accused of:
Publishing inaccurate information that slanders or libels a person or organization;
Publishing material that violates a person's right of privacy;
Falsely arresting, detaining or imprisoning someone;
Maliciously prosecuting someone;
Wrongfully evicting someone.
Workers Compensation protects your employees should an injury occur during the course of employment. Payments are made to the injured party and can consist of medical payments, loss of wages or therapy.
All states require all employers to carry Workers Compensation insurance and each state has individual laws that must be met.
At the very minimum, Workers' Compensation insurance policies will cover an employee's medical expenses and reimburse him or her for some percentage of lost wages.
Rates for these policies are dependent on the degree of hazard that each occupation carries. Each occupation is coded and defined by state laws. Premiums are determined by the amount of payroll in each occupation code and is subject to annual audit for verification.
A BOP is a package policy typically combining General Liability and Property Insurance, along with other optional coverage, for small to medium sized businesses in lower risk businesses classes. A BOP may be available depending on the type of business, annual sales, number of employees and other factors.
A BOP typically includes General Liability to cover your commercial liability and property insurance for physical assets, such as contents, that are leased or owned. The package insurance policy may also cover loss of business income and extra expense resulting from a covered loss.
The General Liability insurance coverage of a BOP is comparable to a typical Commercial General Liability (CGL) policy, providing protection against claims of bodily injury or property damage for which your business may be liable.
The General Liability portion typically provides liability insurance for the cost of defending lawsuits stemming from:
- Accidents that cause bodily injury and/or property damage.
- Claims such as libel and slander.
- False advertising.
*General Liability insurance does not cover errors or negligence from professional services.
A BOP policy may include, or you may be able to select as an option:
- Outdoor Sign Insurance
- Money and Securities Insurance
- Employee Dishonesty Insurance
- Water Back Up Insurance
Not all businesses are eligible for a BOP policy. If your business has any of the following characteristics you may not be eligible for a BOP. But don't worry, we can assist you with obtaining other forms of commercial insurance.
Characteristics typically not eligible for a BOP policy include:
- Large Premises Operations
- High risk or highly specialized operations
- Majority of business conducted off-premise
- Requires liability limits higher than offered with a BOP
Typically a BOP policy is very competitively priced, however remember the BOP does not provide coverage to items such as Workers' Compensation, Professional Liability Exposures or Commercial Auto Insurance.
Homeowners insurance does not necessarily cover many home business-related claims. This could mean a major loss of income, as well as other significant losses, for your home business. If you have a home based business consider contacting us to discuss proper coverage options that offer both protection and affordability.
Products to Cover Your Employees
When a physical injury keeps you from working, disability insurance can help get the bills paid.
In reality, disability insurance is as important as (and in some cases, even more important than) life insurance.
More become disabled than die that's because at any given age the odds of becoming disabled are much higher than dying. In fact, every year 12% of the adult U.S. population suffers a long-term disability. One out of every seven workers will suffer a five-year or longer period of disability before age 65, and if you're 35 now, your chances of experiencing a three-month or longer disability before you reach age 65 are 50%. If you're 45, the figure is 44%.
These odds would not be a problem if people had substantial savings that could be drawn on in the event of a disability. But that's rarely the case, and any money that has been set aside has likely been earmarked for goals such as college or retirement.
There are many kinds of disability policies and options, however, the basics are simple.
The first variable is the amount of monthly benefit. Most disability policies have a fixed monthly benefit that does not increase with time, although you can purchase extra coverage, or riders, that offer higher payment schedules
The second variable is the definition of disability -- whether it is "own occ," or the inability to perform the duties of your specific occupation, or "any occ," the inability to perform the duties of any job for which your education and training make you qualified.
The third variable is the waiting period, or the amount of time you must be disabled before benefits kick in. These waiting periods can range from one week to two years, and the longer you wait the less your disability policy will cost.
The fourth variable is the benefit period, or how long you will receive monthly benefits once your policy starts paying. The benefit period can range from six months to life, depending on what you choose as well as what your insurance company is willing to offer you.
In addition to these variables, there are other coverage options, as well as a variety of other riders. The most important is a rider that pays if you can only remain or return to work part-time. The Social Security offset rider guarantees that if you qualify for disability payments under your insurance policy but not for Social Security (a frequent occurrence) your disability policy will pay what Social Security should have.
Another important option is the additional purchase option, which guarantees you the right to buy additional disability insurance in the future regardless of your health at that time.
If you have any questions about Disability Insurance or not sure if you need coverage please contact us
Their are many types of life insurance to fit individual needs and circumstance. The following are some of the basic types of life insurance available.
Term Insurance - The simplest form of insurance. You purchase coverage for a specific price for a specified period. If you die during that time, your beneficiary receives the value of the policy. There is no investment component.
Whole Life - Similar to term, but you purchase the policy to cover your "whole life" not just a set period. Premiums remain level throughout the life of the policy, and the company invests at least a portion of your premiums. Some firms share investment proceeds with policyholders in the form of a dividend. Many companies will offer "a relatively low guaranteed rate of return," but in reality pay at a rate in excess of the guarantee.
Universal Life - You decide how much you want to put in over and above a minimum premium. The company chooses the investment vehicle, which is generally restricted to bonds and mortgages. The investment and the returns go into a cash-value account, which you can use against premiums or allow to build.
Umbrella Products and Other Business Products
Homeowners, auto, and watercraft policies have a limit on liability insurance. If an unfortunate accident should happen that is your fault, do you have enough liability insurance from your current policies to cover your costs for negligence? Since no one can predict how much a judge may award the injured person, umbrella insurance is not just for the wealthy anymore, but a needed protection for every policyholder.
Umbrella insurance is designed to give one added liability protection above and beyond the limits on homeowners, auto, and watercraft personal insurance policies. With an umbrella policy, depending on the insurance company, one can add an additional 1-5 million in liability protection.
This protection is designed to ?kick-in? when the liability on other current policies has been exhausted.
Liability insurance is the portion of a homeowners or auto policy that pays for expenses such as the injured persons medical bills, rehabilitative therapy, and lost wages due to the negligence of the at fault person. The liability portion of an insurance policy also covers a legal defense representative if the negligence would happen to land the at fault person in the court room. After adding up all of the medical expenses for the injured and the legal fees of the negligent person, the standard liability in one?s homeowners or auto policy is often not enough. Almost every state has financial responsibility laws that will hold drivers accountable for bodily injury and property damage resulting from car accidents and the at fault driver could be sued for the damage. Personal assets from the at fault driver could be seized resulting from a lawsuit. Similar laws are also in force for home and watercraft owners.
There is good news. A personal liability umbrella insurance policy can give one added liability protection without a large added cost. Additional liability insurance is often inexpensive, especially compared to the added coverage one gains. Furthermore, liability insurance covers one?s non-business activities anywhere in the world. Having the added protection of a liability umbrella policy is coverage no one should go without.
General Liability insurance does not protect your business against claims of professional negligence, or for failure to perform your professional duties. For this type of coverage, the business will need a separate Professional Liability policy.
Professional Liability Insurance protects your business against loss from a claim of alleged negligent acts, errors or omissions in the performance of your professional services.
The policy normally pays for any resulting judgments against you, including court costs, up to the coverage limits on your policy.
Directors & Officers
Directors and officers liability coverage protects directors and officers against claims alleging negligence, errors and omissions, misstatements, misleading statements and misrepresentations.
Most organizations have a general liability policy that protects its directors and officers against negligent acts that result in bodily injury or property damage. However, general liability does not protect against alleged wrongful acts or omissions, including breach of duty, which do not result in bodily injury.
Directors and officers coverage protects your executives from potential lawsuits resulting from key decisions or management practices-lawsuits that may target their personal assets.
A comprehensive Directors & Officers liability policy can provide the following:
- Committee Members
- Trustees or Employees
Comprehensive D&O Insurance can:
- Defend Prior Acts
- Defend Non-Monetary Damages
- Provide Duty to Defend Coverage
- Defend Libel, Slander & Defamation of Character
- Defend Discrimination, Sexual Harassment and Wrongful Discharge
Crime coverage can extend to those who may have access to your companies funds:
- Employee Dishonesty
- Money & Securities
- Forgery & Depository
Employment Practices Liability
Employment practices liability coverage protects an employer against an employee's claims such as:
- Wrongful Termination
- Sexual or Workplace Harassment
- Wrongful Discipline
- Age Discrimination
- Violation of Employment Discrimination Laws
- Violation of Americans with Disabilities Act
- Wrongful Failure to Employ or Promote
- Wrongful Deprivation of a Career Opportunity
- Breach of Employment Contract
- Employment Related Misrepresentation
- Failure to Adopt Adequate Workplace Employment Policies & Procedures
- Illegal Retaliatory Treatment
- Invasion of Privacy
- Negligent Evaluation
- Employment Related Wrongful Infliction of Emotional Distress
The purpose of this insurance is to protect the corporation, directors, officers and employees from alleged employment-related wrongful acts. Some features to having this policy are Coverage for front/back pay, attorneys' fees and compensatory damages, for punitive damages where insurable by law, for actual or alleged retaliatory treatment, varying retention's for class action suits or other claims, for emotional distress or mental anguish, no purposeful or intentional acts exclusion or reductions in force or mass layoffs exclusion.*
*Coverage varies from company to company.
Provides coverage for business assets and hardware while these items are off premises.
Ordinance or Law Coverage
One of the most needed types of coverage is also one of the most commonly overlooked or even known about by consumers. It's called Ordinance or Law Coverage. As your building becomes older certain changes in your county's building codes and ordinance change to reflect new standards for construction. If your older property suffers a substantial loss, fixing it may require a higher construction standard to reflect new laws, therefore simply replacing your property as it was just isn't good enough to meet these new laws and codes. Ordinance or law coverage pays for these upgrades in building standards.
Special Event Coverage
Provides third party liability coverage for a short term special events.