As a business owner, you understand the importance of protecting your company from many types of liability. Not only can clients and customers file claims, but at times employees may decide to sue for a number of reasons. It’s important to talk with your insurance agent about a comprehensive liability protection plan to best protect your investment.
Executive Liability Insurance
If you are looking for an executive protection insurance package, you must consider several types of liability, including:
- Professional Liability Insurance – Also known as errors and omissions (E&O) insurance, this coverage protects against errors made or negligence caused by professional members of your team, such as engineers, accountants and information technology personnel. It can also cover liability from cyber attacks and data breaches.
- Directors and Officers Liability Coverage– D&O coverage protects your management team, including directors and executives, from being held personally responsible for a breach of duty or alleged wrongful acts.
- Employment Practices Liability Insurance – EPLI protects your company against a variety of claims filed by employees. These claims include those alleging discrimination based on race, sex or age. Wrongful termination, harassment and failure to promote are other types of claims that employees file.
- Fiduciary Liability Coverage – This plan protects you from mistakes made during the administration of an employee’s benefit plan.
Make sure your business is prepared for any type of liability claim before an issue arises.