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A trust company manages trusts and estates by acting as a trustee, meaning that the trust company handles the assets of an individual or organization per a specific agreement. They may also manage the funds of foundations, with the exception of religious, educational, charitable and nonprofit foundations. Trust companies are responsible for keeping records, preparing court accountings, paying bills and medical expenses, giving charitable gifts and distributing inheritances for the person or organization that they are representing.

General Liability Insurance for Trust Companies – The visitors of trust companies primarily consist of clients, vendors, salespeople, and governmental compliance employees. Parking lots and sidewalks should be free of holes and uneven areas. Stairs should be clearly marked and should meet all local building codes. Handrails should be firmly affixed above all stairs. Furniture and flooring should be in good condition inside the office building of trust companies as well.

Workers’ Compensation Insurance for Trust Companies – Employees of trust companies may trip and fall if the office building is not maintained. Electrical wires and phone cords should be secured and out of traffic areas in order to prevent trip and fall hazards to employees. A first aid safety kit should be readily available to all employees. Electrical shocks may also be a concern from the use of computers and other related office equipment. Employees are urged to take periodic breaks when using computers in order to prevent eyestrain and repetitive motion injuries.

Business Auto Insurance for Trust Companies – Business auto risks should be minimal for trust companies. However, if the trust company owns vehicles, risks can be reduced if the vehicles are newer model private passenger sedans. Company owned vehicles should be maintained and serviced regularly by an outside contractor.

Property Insurance for Trust Companies – Trust companies will likely have sensitive office equipment such as computers, photocopiers, printers, telephone systems, and scanners that are highly susceptible to damage from water, heat, and smoke. A small fire can result in a total loss as a result. Electrical systems should be adequate and up to date in order to handle loads from all the office equipment. Using off premises backups through electronic imaging can reduce the fire load. Backup systems should be maintained and tested regularly to make sure they are working properly.

Crime Insurance for Trust Companies – Trust companies should implement controls to protect against the unauthorized sales to third parties of confidential client information by unauthorized or authorized employees. Documentation should be recorded of any copying of paper files or downloading of electronic files. Embezzlement of funds can be prevented by requiring countersignatures on all issued checks and separating the duties between employees who reconcile bank statements and those who make deposits and withdrawals.