Sunday, May 20, 2012
Business Insurance   »   Liability    
General Liability Insurance
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General Liability (GL) insurance protects your business against claims for bodily injury and medical expenses, personal and advertising injury, and property damage to a third party.  GL coverage protects your business against:
  • Injuries and resulting medical expenses sustained by a third party as a result of negligence for which you are legally liable. 
  • The unintentional use and infringement upon an advertising or marketing idea developed by a third party such as a slogan or copyright material.
  • Legal libel or slander against a third party.
  • Property damage sustained by a third party as a result of negligence for which you are legally liable. 
Pollution Liability
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Pollution insurance is designed to protect your business against the accidental and unintentional discharge of pollutants.  Most notably, pollution insurance provides coverage for incidents involving storage tanks and compressed gas cylinders.  Coverages may include the costs of cleanup and restoration, and liabilities for injuries or illnesses resulting from the incident.  This product is available individually or may be packaged with other products.
Professional Liability Insurance
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Professional Liability insurance protects your business and its employees against claims resulting from professional errors, negligent acts, or omissions arising out of the course of business. 

Employment Practices Liability Insurance (EPLI)

EPLI protects your business against claims of discrimination, wrongful termination, and harassment alleged by employees, former employees and prospective employees.  Some policies provide coverage for third party claims, which is a crucial element for retail establishments.  EPLI provides coverage for your business and its employees including the directors and officers.  Typical claims may relate to:
  • Sexual Harassment
  • Discrimination
  • Wrongful Termination or Disciplinary Actions
  • Failure to Hire or Promote
  • Defamation of Character
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Directors & Officers Liability Insurance (D&O)

D&O protects your business and its executives from personal liability and financial loss arising from decisions that had unforeseen consequences, or unintentional wrongful acts or breach of duty committed by the directors and officers.  Exposures exist from anyone that has a financial interest in your operations including shareholders, clients, and employees.  Typical claims may relate to:
  • Investment management of business assets.
  • Release of non-public information.
  • Conflicts of interest in decisions.
  • Hiring and terminations. 
Fiduciary Liability

Fiduciary liability protects your business against liability arising from the administration and management of employee benefit plans, including retirement plans. 

Errors & Omissions (E&O)

An error or omission is a professional mistake which causes financial harm to another.  This type of insurance protects your business from bearing the full cost of defense for lawsuits relating to an error or omission in providing covered Professional Services.  This is a separate coverage from a standard General Liability policy, Commercial Package Policy (CPP), or Businessowners Policy (BOP).
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