General Liability insurance does not protect your business against claims of professional negligence, or for failure to perform your professional duties. For this type of coverage, the business will need a separate Special Liability policy.
Professional Liability Insurance protects your business against loss from a claim of alleged negligent acts, errors or omissions in the performance of your professional services.
The policy normally pays for any resulting judgments against you, including court costs, up to the coverage limits on your policy.
Employment Practices Liability – Employment practices liability coverage protects an employer against an employee’s claims such as:
- Wrongful Termination
- Sexual or Workplace Harassment
- Wrongful Discipline
- Age Discrimination
- Violation of Employment Discrimination Laws
- Violation of Americans with Disabilities Act
- Wrongful Failure to Employ or Promote
- Wrongful Deprivation of a Career Opportunity
- Breach of Employment Contract
- Employment Related Misrepresentation
- Failure to Adopt Adequate Workplace Employment Policies & Procedures
- Illegal Retaliatory Treatment
- Invasion of Privacy
- Negligent Evaluation
- Employment Related Wrongful Infliction of Emotional Distress
The purpose of this insurance is to protect the corporation, directors, officers and employees from alleged employment-related wrongful acts. Some features to having this policy are Coverage for front/back pay, attorneys’ fees and compensatory damages, for punitive damages where insurable by law, for actual or alleged retaliatory treatment, varying retention’s for class action suits or other claims, for emotional distress or mental anguish, no purposeful or intentional acts exclusion or reductions in force or mass layoffs exclusion.*
*Coverage varies from company to company.
Directors & Officers Liability
Directors and officers liability coverage protects directors and officers against claims alleging negligence, errors and omissions, misstatements, misleading statements and misrepresentations.
Most organizations have a general liability policy that protects its directors and officers against negligent acts that result in bodily injury or property damage. However, general liability does not protect against alleged wrongful acts or omissions, including breach of duty, which do not result in bodily injury.
Directors and officers coverage protects your executives from potential lawsuits resulting from key decisions or management practices-lawsuits that may target their personal assets.
A comprehensive Directors & Officers liability policy can provide the following:
- Committee Members
- Trustees or Employees
- Comprehensive D&O Insurance can:
- Defend Prior Acts
- Defend Non-Monetary Damages
- Provide Duty to Defend Coverage
- Defend Libel, Slander & Defamation of Character
Crime coverage can extend to those who may have access to your companies funds:
- Employee Dishonesty
- Money & Securities
- Forgery & Depository
Pollution / Environmental Liability
Environmental coverage generally falls into two categories. Errors and omissions coverage, also known as professional liability, protects a professional who mistakenly designs a facility that causes pollution in some way. Pollution incident coverage protects professionals on the job in case they cause a pollution incident by perhaps backing into a sewage pipe.
Policies for environmental consultants can feature broad coverage specifically tailored to the specific needs of a professional in the environmental field. Coverage may include pollution incident and asbestos coverage as well as retroactive coverage for eligible firms.
Do I need workers’ compensation insurance?
Employers have a legal responsibility to their employees to make the workplace safe. However, accidents happen even when every reasonable safety measure has been taken.
To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents, in almost every state, businesses are required to buy workers’ compensation insurance. Workers’ compensation insurance covers workers injured on the job, whether they’re hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses.
Workers’ compensation provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents.
Each state has different laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered. For example, in most states there are regulations that cover whether the worker or employer can choose the doctor who treats the injuries and how disputes about benefits are resolved.
Workers’ compensation insurance must be bought as a separate policy. Although in-home business and business owners policies (BOPs) are sold as package policies, they don’t include coverage for workers’ injuries.