Protect your most important assets – your employees.
Director’s and Officer’s Liability covers a Public or Private company and its Directors, Officers, and employees from corporate and personal liability arising out of the company’s managerial decisions and actions. This includes:
- Breach of the duty of loyalty (to their company)
- Breach of the duty of care (acting in good faith)
- Other statutory responsibilities (ex. Anticompetitive Business Practices, Racketeering etc.)
An Employment Practices Liability policy is usually provided as a separate coverage part that provides insurance against the wrongful termination, discrimination, sexual harassment, and retaliation on a first-party and third- party basis.
Benefits:
- Covers claims that may not be covered under a standard General Liability policy.
- Provides coverage for sexual harassment in the workplace as well as sexual harassment and discrimination against third-party vendors.
- Protects a corporation and its directors/officers against claims alleging malfeasance.
- Private corporations can be protected from suits by competitors or customers for wrongful acts in the course of
business. - Separate liability towers are available.
- Coverage for punitive damages (where allowable by law) can be provided.
- Additional coverage can be added including: crime, fiduciary liability, kidnap, or ransom.
Features:
- Policy Term: Annual.
- Retentions: Vary for most companies based on the exposure and the cost. Often, EPLI and/or Third-Party retentions are higher than the D&O retentions.
* Defense costs are included within the limits of liability.
Lawsuits can mean costly legal and attorney fees that will hit your company’s bottom line. The average cost for defending and settling employment law cases is $160,000.
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