Dealing with litigation has been a part of the business world for centuries, but it has become more and more complex in the 21st century. New legislations and increasing industry regulation offer many confusing challenges for a corporation. Companies can mitigate these concerns by hiring professional liability risk advisors who deal in unique niche market insurance policies.
Employment Practices Liability
Employment practices liability is another area of growing concern for human resources directors. Employee claims of company mistreatment or pay discrepancies based on gender or race fall into this category. Harassment due to religious beliefs would be another example. A liability policy provides coverage for to defray legal costs and any subsequent damage awards.
Privacy and Network Security
Network breaches and identity theft are huge concerns for companies that store important client information on computer networks, especially if there is any potential for being infiltrated by hackers. There are a variety of pieces of information that are at risk of cybercrimes including the following:
- Bank account passwords
- Social security numbers
- Credit card information
- Personal medical files
A privacy and network security policy can mitigate the damage of lawsuit stemming from an inadvertent disclosure of client personal information.
Directors and Officers Insurance
The men and women who serve on the board of directors of a corporation can be a target for litigants. This is true across many professions. Professional liability risk advisors can assist in creating a policy to maintain personal assets and reimburse the directors for costs incurred during litigation.