FosterThomas’ risk management professionals specialize in executive management liability policies. We believe that proper coverage includes protection for the directors & officers of your company, the product or service you sell and lastly, company protection against claims arising from employment issues.
Professional Liability (E&O)
It is a common misperception that General Liability policies pick up coverage for your Professional Services should you be sued to do an Error or Omission. A majority of General Liability policies exclude Professional Services and can leave your company exposed to potential liabilities surrounding your product and/or service. E&O coverage protects your company from lawsuits and claims arising from allegations of error, omission, misconduct or professional negligence when performing professional duties. The financial loss due to having to defend against an allegation alone can destroy a company. E&O coverage provides the financial assistance to defend you in a court whether the claim is merited or not and if the suit is loss, the coverage pays for any monetary award.
Employment Practices Liability (EPL)
Unfortunately employees can pose as much as a financial threat to a company as an outside party. Employment related lawsuits have drastically increased over the course of the last three years. If you are a startup company just starting the interviewing process, or are a company of 2,000+ employees, make sure you are protected. Each year, companies find themselves in court against prospective, current and past employees for claims of sexual harassment, wrongful termination, religion based discrimination, sex based discrimination, failure to promote or employ, and breach of employment contract to label a few. Your company pays to be protected from third parties - make sure your company is protected from their own employees.
Directors & Officers (D&O)
Directors & Officers are at risk of claims being bought from various parties, including competitors, customers, suppliers, government, and shareholders. As a company’s HR professional, we urge you to make sure that you are properly covering your upper management. Directors & Officers coverage can protect both those individuals as well as the company name from any claim or allegation of wrongdoing in conjunction to those individuals performing their job duties. These individuals can also be at risk solely because they are Director & Officer of a company. Your company has made sure they have the necessary coverage in place to protect the office and employees – make sure your Directors & Officers are protected from their liability risks.
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