Management Liability Insurance
Directors’ & Officers’ (D&O)
Directors’ & Officers’ Liability provides financial protection for present and former directors’ and officers’ of your company against claims of negligent acts and/or omissions in the performance of duties of management. Since a director can be held personally liable for acts done on behalf of the company, most directors and officers will request to be protected rather than put their personal assets at stake. In effect the policies function as “management errors and omissions ” liability covering claims from managerial decisions that have adverse consequences. Coverage is also provided for the organizations obligation to reimburse their D&O’s as well as coverage for the Organization itself. Defense costs are often a substantial part of a claim as well as damages and settlements.
Employment Practices Liability ( EPL)
Employment Practices Liability is used to provide protection against lawsuits from employees alleging wrongful termination, discrimination, harassment, or other specified employment related exposures. The policies cover the entity, directors and officers, management personnel, and employees as insureds.
Fiduciary Liability, Pension Trust Liability (PTL)
Fiduciary Liability provides coverage to trustees, officers or employees of a trust of employee benefit plan against claims alleging . Fiduciaries can be held personally Employee Retirement Income Act of 1974 (ERISA). Fiduciaries can be held personally liable for losses to a benefit plan incurred as a result of alleged errors, omissions or breach of fiduciary duties.
Professional Liability / Errors & Omissions (E&O)
Professional Liability insurance commonly known as Errors & Omissions is a form of liability insurance that helps protect professional advice and servicing individuals and companies from bearing the cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on loss caused by alleged error or omissions to perform a service sold by the policyholder.
Fidelity / Crime Insurance
Fidelity / crime insurance protects organizations from loss on money, securities, or inventory resulting from crime, Common claims allege employee dishonesty, embezzlement, forgery, robbery, computer fraud, counterfeiting, and other criminal acts. This coverage can be extended to include theft from any Employee Welfare Benefit Plan, called an ERISA Bond.
Cyber and Network Liability coverage is an overlay to property insurance protecting computer hardware, servers,amd systems against hackers, data loss etc.It is growing in importance as part of business insurance plans as networks, data connections, and/or storage become the most valuable assets of companies. More responsibility for the protection of privacy and personal data is falling on business. It is the company obligation to protect data and information of its customers.