At the Trottier Insurance Group, we identify the following as the five critical components to a good Management Liability Policy:
Employment Practices Liability Insurance (EPLI) is insurance to protect an employer against employment related cases. EPLI is insurance designed to protect the employer against claims filed by present, past, and prospective employees. EPLI coverage includes coverage for discrimination (age, sex, race, disability, etc.), wrongful termination, sexual harassment, and numerous other employment related allegations.
Director’s & Officer’s Liability Insurance (D&O Liability): Where General Liability coverage is designed to protect against claims arising from bodily injury and property damage, it does not respond to claims brought against the directors & officers for their obligation to apply diligence, obedience, and loyalty for performance of his or her leadership duties.
Fiduciary Liability: There has always been potential liability for various officers of an organization as well as other persons acting in some capacity relating to an employer’s pension, savings, profit-sharing, employee benefit, and health and welfare plans. Specifically, those persons employed by organizations to design and administer such pension and employee benefit plans, including the management of the assets and liabilities of the plans, are liable to the plan beneficiaries for any breach of these fiduciary duties.
Cyber Liability: Coverage that is designed to provide protection against data breaches, network security, intellectual property, privacy issues, errors and omissions, as well as other Internet or technology related problems. Cyber liability insurance can also cover data breaches related to the physical loss of laptops, smart phones, and other computer equipment when they are stolen by employees or people outside of the corporation. Data breaches are not limited to electronic information and can include other sensitive documentation including outsourced services.
Crime Coverage: A commercial crime policy typically provides several different types of crime coverage, such as: employee dishonesty, forgery or alteration, computer fraud, funds transfer fraud, and money & securities. Depending on exposures, coverage can include kidnap, ransom, and extortion.
Want to learn more and make sure your business has the coverage it needs? Call us at (262) 652-7963 today.
Our clients enjoy the convenience and peace of mind that comes with placing their entire insurance portfolio within our agency. This approach prevents potential coverage gaps, minimizes policy premiums and increases client buying power.