Directors and officers liability insurance (D&O) policies are nonstandard, so they can vary greatly from insurer to insurer. In this article, we’ll discuss some of the many provisions that could appear in your D&O policy and what they mean to your coverage. The Typical D&O Policy Contains Two and Sometimes Three Parts: Part A covers...
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The Insurance Formerly Known as Boiler and Machinery
If you’ve been in business a while, you might have heard the phrase “boiler and machinery insurance.” However, today’s policies do much more than cover boilers and machinery, hence the name change. Read on to learn more about this valuable coverage. Insurers introduced boiler and machinery coverage in the mid-1800s to cover valuable steam-powered machinery...
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Additional Insured Coverage
Additional insured coverage can protect your organization from liability due to contractors’ and subcontractors’ operations. Liability insurance covers you from losses due to claims your company, its employees or products or services caused harm or wrong to a third party. Sometimes, however, your organization can be considered “vicariously liable” when another business, such as a...
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Why You Need a Data Management Plan
Each record of sensitive personal information stolen or compromised costs companies an average of $201. That adds up to $5.9 million for every organization that had a data breach.* When people trust you with their personal information, they expect you to protect it. When something goes wrong and their data gets lost, stolen or compromised,...
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Liability Insurance for Nonprofits
November is Nonprofit Awareness Month. If you manage or serve on the board of one of the estimated 1.58 million nonprofit organizations in the U.S., thank you for your service. To ensure your organization can continue its good work, you have an obligation to ensure it has taken steps to reduce its liability risks. One...
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Corporations of All Sizes Need D&O Insurance
D&O insurance helps companies of all sizes attract and retain top executive talent. Directors and officers liability insurance (D&O) covers corporate directors and officers from liability for negligent acts, omissions and misleading statements that harm employees or shareholders. Directors have serious responsibilities. When acting in their official capacity, they owe the corporation: A duty of...
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How To Avoid Pregnancy Discrimination Claims
The EEOC has had pregnancy discrimination on its radar screen for a while. A Supreme Court case, Young v. UPS, will likely bring more attention to the issue. Many laws and regulations affect pregnancy and discrimination, disability, leave and accommodations. With women now comprising 47 percent of the U.S. labor force, at some point your...
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10 Cyber Security Tips for Small Business
The latest cyber data breach of 56 million Home Depot accounts in September surpassed even the 40 million Target accounts last Christmas. If it can happen to the country’s largest retailers, it can happen to any retailer. The Federal Communications Commission offers the following tips to help small businesses protect their networks and prevent security...
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Credit Risk Insurance — Helping Businesses Grow
What’s your business’s greatest underinsured asset? Some businesses might have valuable patents or intellectual property. Others, millions of dollars invested in inventory. And of course talented staff and brilliant leadership. But one asset you might have overlooked is your accounts receivable. Credit risk insurance has four main benefits, each of which can justify the cost...
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Understanding Surplus Lines
When model Heidi Klum insured her legs for $2.2 million and guitarist Jeff Beck insured each of his fingers for $1 million, you can bet a standard insurer didn’t cover those risks. These celebrities turned to the surplus lines market. Although your organization probably won’t need to insure body parts, you might need the services...
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