Key Person InsuranceIf you manage a commercial operation you are tasked with making the tough choices that can make—or break—your company’s fortunes. In doing so, you must consider the best interests of employees, customers, and shareholders, while also keeping in mind corporate best practices. Limited or imperfect information and tight deadlines add to the overall complexity of the decision-making process and can lead to poor outcomes or even outright mistakes. There are coverages to help protect your organization and management team from claims that may arise from this challenge.

Some of our Executive Liability coverages include:

  • Directors and Officers Liability Insurance
  • Employment Practices Liability Insurance (EPLI)
  • Fiduciary Liability
  • Expanded Crime Coverages
  • Kidnap & Ransom Insurance
  • Cyber Liability Insurance

Employment Practices Liability Insurance (EPLI)

Employment practices liability insurance, otherwise known as EPLI, is insurance that helps protect you against claims from your employees that result from the general conduct of your business. Common examples of employee related claims include claims relating to:

  • Discrimination
  • Wrongful Discharge
  • Sexual Harassment
  • Hostile Working Environment
  • Wrongful Termination
  • Lack of Advancement

Fiduciary Liability

Company representatives involved in managing pensions, savings, profit-sharing, employee benefits and welfare plans are liable if they breach their fiduciary duties. If this responsibility belongs to you, it is imperative that you understand your responsibilities to avoid potential liability. Fiduciary Liability Insurance protects fiduciaries against legal liability for claims arising out of their roles.

Expanded Crime Coverages

You may feel that your employees would never steal from you or that your business would never be the victim of theft, but the harsh reality is that nearly every business is eventually victimized by fraud or theft. In this day and age, thieves (and potentially your employees) do not need direct access to cash to steal from you;

Here are some policies that can safeguard your business against theft:

  • Employee theft coverage protects your money and your business against theft, both from inside the organization and out.
  • Depositors forgery or alteration coverage protects against losses by forgery or alterations of checks, drafts, promissory notes, orders or directions to pay money that is drawn upon you or is drawn upon your accounts by someone acting as your agent.
    • Also protects against forgery losses inflicted by people other than employees
  • Theft disappearance and destruction coverage protects against loss of money and securities by way of theft, disappearance or destruction while the property is on your business and/or banking premises.
    • Protects against losses as a result of attempted or actual robberies while the property was on your premises
    • Protects against loss to other property in a safe or vault from an attempted or actual robbery within your premises
    • Outside of your premises, coverage protects money, securities, and other property in the care of a messenger
    • Covers losses inflicted by those other than employees
  • Robbery and safe burglary coverage protects against loss of money or securities on your premises, or while in the custody of a messenger outside of your premises.
  • Computer and funds transfer fraud coverage protects against loss of money, securities and other property via computer fraud.
    • Covers money that that is directly related to the use of a computer to fraudulently cause a transfer of property from your premises or banking premises to someone or some entity outside of your premises
    • Pays for the loss of money through fund transfers communicated to a financial institution
  • Money orders and counterfeit currency coverage protects against losses that are not paid upon presentation or are in the form of counterfeit United States and Canadian currency paid in exchange for goods or services.

Kidnap & Ransom Insurance

As your company expands globally, so do your exposures. Companies with international operations and executives or staff who travel internationally may be targets for kidnappers and extortionists.

While no one can predict where or when a kidnapper or extortionist might strike, there are steps that you can take to protect your executives and families and prepare for a possible threat. Kidnap & ransom insurance should be an integral part of your risk management program.

The kidnap & ransom insurance will provide coverage for the following:

  • Ransom and extortion payments as a result of a kidnapping or extortion threat.
  • Loss of the ransom or extortion payment while being delivered.
  • Expense coverage as a result of a ransom or extortion demand which includes fees and expenses of independent negotiators, and travel and accommodation expenses.
  • Legal liability coverage protection in the event it is alleged the insured was negligent in a hostage retrieval.
  • Political threat coverage for expenses when a person is wrongfully detained by anyone acting for a government or with the government’s approval.

Cyber Liability Insurance

Are you insured against a cyber security breach? As a business owner, you insure your business against losses — but is your liability protected against a cyber break-in? Many businesses overlook this crucial coverage and end up paying millions in damages to customers. Don’t let that happen to you.

  • Protect Yourself from the Theft of Client Information
  • Insure your Cyber Liability Exposure
  • Avoid Costly & Lengthy Lawsuits
  • Reimbursement for Notification and Regulatory Expenses
  • Pass on an Extra Layer of Security to Clients
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