Stokes-Farnham Insurance is dedicated to providing comprehensive protection for business owners of all sizes.
We have clients who work alone, those that employ hundreds, and all sizes in between. Whether you build, manufacturer, cook, serve, or sew, we would love to have the opportunity to meet with you to discuss your insurance needs. Our goal is to offer suggestions about coverage limits, insurance cost, and how we can help you. We don’t believe we are a perfect fit for everyone. By meeting one on one we can determine if you should stay with your current agent and carrier or if we can provide the needed services at a reduced cost.
Workers Compensation
Minimum Premium policies. Statutory Limits. MOD Rate. Audits.
Workers Compensation may be the most confusing insurance coverage for businesses. Most employers are unsure if they need workers compensation and don’t understand what it covers.
The professionals at Stokes-Farnham Insurance Agency Agency are experts on workers compensation insurance and are here to help you understand the costs, how it is rated, and how it can help your business. Let our team analyze your current workers compensation policy and help you find a better rate and better coverage for your business and your employees.
Don’t have time to meet with one of our trusted advisors? No problem! You can get started right from your computer, tablet, or smart phone. Then we can begin working for you and contact you at a convenient time to discuss your options. Trust Sokes Farnham to Cover your Assets.
General Liability
A commercial general liability insurance policy covers 5 aspects of your business. Premises liability fro injury caused in business premises. Products and completed operations for injury by a worker to customer or from product to customer. Advertising injury as a result of injury from false advertising including false arrest. Damage to rented premises caused by you.
Bonding
Payment and Performance Bonds. Probate Bonds. License Bonds.
Stokes-Farnham Insurance Agency is your source for all your bonding needs. We have bond professionals that can help you navigate the process of becoming bonded. With multiple bond carriers, Stokes-Farnham Insurance Agency can find the right market to fit your financial needs.
Commercial Auto
Do you drive your personal car for your business? Does your company own vehicles? Are you properly covered in the event of an automobile accident?
The truth is many companies don’t understand the risk associated with having company owned automobiles. Some of the largest liability claims against companies are the result of a company owned vehicle being involved in an accident.
The time to find out whether or not your coverage is sufficient is not after an accident.
Trust Stokes Farnham to make sure that your needs are taken care of on the front end.
Disability
Which plan is right for you?
Long term and short-term disability insurance is an important asset that might be beneficial for you. What would happen to your family’s wellbeing if one or more of the income earners was injured or fighting a long-term illness that prevented them from working? Would your family have the money to maintain your current lifestyle? Let one of our disability specialists review your current coverage and share with you potential opportunities to increase coverage or save you money. Don’t have time to meet with one of our trusted advisors? No problem! You can get started right from your computer, tablet, or smart phone. Then we can begin working for you and contact you at a convenient time to discuss your options. Trust Stokes Farnham to Cover your Assets, we have been protecting people’s lives since 1952.
Life Insurance and Annuities
Life insurance can provide for a child’s education, pay off debts, replace your lost income, fund a buy-sell agreement, or replace a key member of your business. Life insurance can also be used to help fund retirement income.
Some Life insurance policies can provide money for the family in the event of a heart attack, stroke, cancer or other covered medical conditions. Life insurance can do so much more than just provide a death benefit. We can show you how you can take advantage of your Life insurance benefits while you are still alive.
Call Stokes Farnham Insurance Agency today and let one of our financial professionals meet with you to review your current life insurance and provide you with an individualized plan for your future and for the future of your loved ones.
Employment Liability
Employment Practices Liability Risk
You're at risk of an employment claim from the moment you interview a prospective employee. For example, if you choose not to hire the interviewee, that individual could allege some sort of discrimination.
Or, if you hire that person and later fire them due to poor attendance, that discharged employee could claim wrongful termination.
To significantly lower your employment practices liability risk, do the following:
- Review any loss exposures with your insurance agent and purchase adequate amounts of employment practices liability insurance.
- Develop a handbook detailing your company's employment policies and procedures for disciplining or terminating an employee. Make sure all employees read the handbook and sign a statement to that effect.
- Create a job description for each position that clearly defines expectations of skills and performance.
- Conduct periodic performance reviews of employees and carefully note the results in the employee's file.
- Develop a screening and hiring program to weed out unsuitable candidates on paper before calling them to interview in person.
- Conduct background checks on all possible candidates and avoid hiring workers with a history of alcohol or substance abuse.
- Institute a zero tolerance policy regarding discrimination, substance abuse and any form of harassment. Make sure you have an "open door" policy in which employees can report infractions without fear of retribution.
- Create an effective record-keeping system to document employee issues as they arise, and what the company did to resolve those issues.
Protect Yourself Against Employee Lawsuits
Employment practices liability insurance, known in the trade as EPL insurance or EPLI, provides coverage to employers against claims made by employees alleging discrimination (based on sex, race, age or disability, for example), wrongful termination, harassment and other employment-related issues, such as breach of contract.
Large corporations typically have substantial employment practices insurance coverage in place and are prepared to deal with just about any employment lawsuit. However, small or new businesses are often the most vulnerable to employment claims. That’s because they usually lack a legal department or company handbook detailing the policies and procedures that guide hiring, disciplining or terminating employees.
Employment practices liability insurance coverage
The cost of insuring your business for EPLI coverage depends on a variety of factors, such as the number of people you employ, if you've had prior suits lodged against the company, the percentage of employee turnover, and if you have established rules and practices in place. Depending on the size of the company, EPLI can be offered as an endorsement to a Business Owner's Policy (BOP), or as a specific stand-alone policy.
EPLI coverage is usually written on a claims-made basis. This means the incident resulting in the claim had to occur during the coverage period. Because employment claims often come months or even years after the alleged incident, an employer might be vulnerable if the insurance coverage was dropped or if tail coverage (liability insurance that extends beyond the end of the policy period) wasn't purchased.
By purchasing employment practices liability coverage, companies may decrease their chance of being a target of a lawsuit. That’s because most insurers will review a company's employment practices and make recommendations to reduce their risk before insuring the company.
Professional Liability
Professional Liability Insurance (PLI), also known as Errors & Omissions (E&O)
Stokes-Farnham Insurance Agency provides expert advice and service for clients requiring Professional Liability and Errors & Omissions coverage. Bearing the full cost of defending against an E & O claim can devastate your company. Let us help you avoid that.
Do you give or provide a service? Your Liability policy probably does not cover damages related to the advice and service you provide. Contact us for Professional Liability Insurance and Errors & Omissions coverage.
Don’t have time to meet with one of our trusted advisors?
No problem! You can get started right from your computer, tablet, or smart phone. Then we can begin working for you and contact you at a convenient time to discuss your options. Trust Stokes Farnham to Cover your Assets, we have been protecting businesses since 1954.
