2 Corporate Drive,
It’s not about your professionalism, training, or years of experience. It’s about human nature. Mistakes happen to the best of us, no matter how experienced. The simplest clerical error or proofreading mistake can cost you, especially if it results in financial loss or damage to the reputation of one of your customers. That’s why it’s important to understand the extent of your business liability insurance since it only protects your operation against bodily injury, property damage, or advertising injury. With an errors and omissions (E&O) insurance policy, you’ll enjoy specialized liability protection against losses not covered by traditional business insurance.
Business owners are faced with a variety of liability exposures in the course of growing their companies. They can find themselves the subject of disgruntled employees who allege he or she was wrongfully terminated from their position at the company. They might allege their privacy was invaded, there was a breach of employment contract or subject to emotional distress or sexual abuse. Employment Practice Liability Insurance will defend and reimburse your business for the cost of fighting these allegations and will pay for any judgments or settlements that result. EPLI is a vital component of any business insurance program.
Directors & Officers insurance provides financial protection for owners and directors against actual or alleged “wrongful acts” when acting within the scope of their duties. Businesses, whether public, private or an LLC, subject to these types of exposures need D&O coverage to protect individuals from loss of financial assets if sued as a result of serving as a director or an officer in their business. It will cover the legal fees and other costs the company may incur as a result of such a lawsuit.