PROFESSIONAL AND MANAGEMENT LIABILITY

PROFESSIONAL LIABILITY INSURANCE

Professional liability insurance offers essential protection for individuals and businesses, safeguarding them against the legal costs of defending against claims of negligence, malpractice, or misrepresentation. This specialized insurance is particularly vital for professionals who provide services or advice for a fee, as general liability policies typically exclude such claims. The coverage, often referred to as malpractice insurance or errors and omissions (E&O) insurance depending on the profession, provides tailored support to address specific industry risks.

In recent years, liability lawsuits targeting professionals have increased significantly, impacting those in various sectors regardless of the legitimacy of the claims. Such lawsuits can bring about severe financial consequences, potentially endangering personal assets, including homes, vehicles, and professional livelihoods. Professional liability insurance helps mitigate these financial risks, offering crucial support to protect both personal and professional futures.

BENEFITS OF PROFESSIONAL LIABILITY INSURANCE

Professional liability insurance is essential for any individual or business that provides services, expertise, or advice to clients for a fee. Even with skilled employees and effective risk management practices in place, errors or oversights can still happen. Since general liability policies typically do not cover these specific risks, professional liability insurance is crucial. It serves as a financial safeguard, protecting your business and its stability in the face of potential claims arising from unintentional mistakes or oversights.

TYPES OF COVERAGES OFFERED:

Sensitive customer data stored on company servers and in the cloud is increasingly vulnerable to hackers and other cybercriminals. While many people assume that only large organizations are targeted in cyberattacks, the reality is that any business using internet-connected computers is at risk. Cyber threats pose a significant danger to companies of all sizes, making robust cybersecurity measures and protections essential for everyone.

BENEFITS OF CYBER LIABILITY INSURANCE

More than one-third of businesses experience a data breach each year. If a similar event happened at your business, would you be able to pay for the resulting damages?

Many cyber liability policies cover a variety of expenses associated with a cyber attack:

First & Third Party Network Security/Privacy Coverage
Breach Notification
Credit Monitoring Service Costs
PCI Fines and Penalties Coverage
Computer Forensic Costs
Crisis Management and Public Relations Costs
Regulatory Defense and Penalties Coverage
Cyber Extortion
Unauthorized Access
Media Coverage
Malicious Coding
Intellectual Property
Denial/Loss of Service Attacks
Copyright, Trademark Infringements
Cyber Theft
Data Restoration
Disclosure of Information
Privacy Breach Response Services
Consumer Redress Coverage
Social Engineering
First Party Business Interruption

A general liability policy often excludes losses incurred because of the Internet. A cyber liability policy can fill in that gap. It may be the difference between closing your business and making a comeback.

Employment Practices Liability (EPL) refers to a type of insurance coverage that protects businesses against claims made by employees regarding employment-related issues.

It is a policy used to cover your risks due to some of the most common employment-related lawsuits, including:

Sexual harassment
Discrimination
Wrongful termination
Breach of employment contract
Negligent evaluation
Failure to employ or promote
Wrongful discipline
Deprivation of career opportunity
Wrongful infliction of emotional distress
Mismanagement of employee benefit plans

BENEFITS OF EMPLOYMENT PRACTICES LIABILITY

Employment practices liability insurance is designed to offer essential resources for defending your company against lawsuits and covering the costs of claims. These claims can arise from various aspects of the employment process, such as recruitment practices, employment applications, job offers, employee orientation, annual performance reviews, enforcement of policies, termination, or inadequate documentation of any of these procedures. By having employment practices liability insurance in place, your company gains the necessary support to handle legal challenges and potential financial liabilities associated with these claims.

Errors and omissions (E&O) insurance offers protection to businesses or individuals in cases where they are held accountable for a service provided or the failure to provide a service that did not yield the expected results. This type of insurance is commonly referred to as malpractice insurance for medical professionals like doctors and dentists, while professionals such as lawyers, accountants, or engineers may know it as professional liability insurance. Regardless of its name, E&O insurance covers errors or omissions that either the insured party has made or that the client perceives them to have made.

In recent years, there has been an increase in liability lawsuits targeting professionals, putting many at risk of being sued. Small companies can face financial ruin due to the costs associated with lawsuits, while even large companies may experience negative impacts on their financial performance. An E&O policy provides coverage for legal fees and settlements in such situations, regardless of fault.

BENEFITS OF ERRORS AND OMISSIONS INSURANCE

Any business that provides services for a fee has exposure to E&O risks. Have you considered the potential consequences if your services are performed incorrectly or not delivered on time? Even with competent employees and risk management practices in place, mistakes can still occur. A general liability policy might not offer coverage for these types of mistakes. Errors and omissions insurance steps in to protect your business and its financial well-being if such an event arises.

It’s important to note that there is no standard E&O policy. We will assess your business to determine its specific exposures and assist you in obtaining the appropriate coverage tailored to your needs.

The directors and officers of a firm are protected against lawsuits by directors and officers liability insurance. The coverage, also referred to as D & O Insurance, guards against claims of wrongdoing while executives are operating on behalf of their companies. Misstatements, inaccuracies, violations of duty, and other wrongdoings are examples of wrongdoings. For businesses having a corporate board or advisory group, directors & officers liability insurance is advised. If this safeguard isn’t in place, a lot of investors and board members might decline to participate.

BENEFITS OF DIRECTORS & OFFICERS LIABILITY INSURANCE

A company and its directors may be sued by its customers, stockholders, and employees. Whether justified or baseless, the ensuing legal costs and reputational harm can be significant. Directors and officials may be held liable for a company’s actions, endangering their personal assets. Companies and their officers are shielded from legal action due to claims of wrongdoing by directors and officers liability insurance.