There are many possible scenarios that can suddenly upset an otherwise smoothly running business. Do you have sufficient assets to pay such a loss? And, if you do, should they be used that way?
At Towne Insurance, we recommend a suite of Management Liability including Professional Liability to meet the needs and defend your company's financial exposures including:
Directors, Officers and Corporate Liability
Protects corporate officers and directors against claims brought by shareholders, employees, consumers, clients, or businesses because of wrongful acts committed in the course of their executive duties. This coverage may be needed by directors and officers of private and public for-profit and non-profit organizations.
As if trying economic times weren’t enough, the current business environment is producing record numbers of liability claims against directors and officers. How would this kind of litigation affect your revenue? How about your reputation?
Example: Participants in a 401(k) plan sue the plan's administrator, the plan and the sponsor for violating the terms of the trust agreement and causing a significant loss of the plan assets.
Depending on the policy you purchase, Crime Insurance may protect your business for loss due to:
Professional liability can protect your business from damages and lawsuits associated with errors, omission, misrepresentation of facts, nondisclosure, or negligence in providing a service.Typically, this coverage saves you from funding your own defense against claims and payment of judgments against you, up to the limit of the policy.
The amount of professional liability insurance you will need and how much it will cost depends upon the size of your business and the level of risk it poses.
There are two types of professional liability polices: claims-made and occurrence. Many professional liability policies are “claims-made,” meaning that the policy must be in effect both:
We will be glad to discuss this valuable coverage with you so you can better understand some of the serious exposures and vulnerabilities your business faces and help you tailor a program to meet these business threats.