We are all relying more on cyber technology to run our lives and our businesses. And that’s not likely to change any time soon. Cyber dependency is touted as one of the most important trends in global development in the next decade. With the migration to these technically advanced tools tools comes the need to secure them as well as the information they contain. More Info
The leadership of an organization is liable for its actions.And because Directors and Officers will be held accountable personally for how they chose to govern, there should be a policy in place to protect them should a claim for wrongful acts be filed against the company or organization.
Policies that protect Directors & Officers vary greatly in how wrongful acts are defined. Therefore, much attention is needed to determine the best solution with the needs and functions of the organization in mind.
Your insurance provider should help you understand and evaluate your need for the following
- What should the policy’s retention limit be?
- Does the policy cover the entity and the individuals?
- How will litigation costs be covered and does that fall within the policy limits?
- In the event an officer has to pay out for a claim, will the insurance company reimburse them, or will the policy pay on their behalf?
- Is it the insurance company’s duty to defend the entity and those who represent?
- Does the insurance company need our permission to settle a claim?
- What are punitive damages and how are they covered?
- Does the policy cover (or need to address) acts which predate the policy or only those occurring after the policy is put in place?
Safety first is the best plan. Protective measures such as training and a culture of caution can cut down on the number injuries sustained on the job. However, good business practices require us to have a plan in place should something happen.
Workers comp insurance provides defense for lawsuits involving job related injuries and are subject to each state’s workers’ compensation statutes. Workers compensation coverage is not mandatory in Texas, yet non-subscribers assume lots of risk when it comes to legal defenses and costs in the event of a claim.
Important Note: non employees such as volunteers are not covered for injuries sustained during their work on your behalf. There are other arrangements which can accommodate this group. Talk with your agent about these options.
Driving around town or even out of town to handle sales calls and other business related activity is necessary for most of us. Business auto insurance policies help protect companies against any claims for bodily injury and property damages to third parties that result from the operation of owned, hired and non-owned vehicles. This is an important piece of your overall business risk management strategy.
It’s also possible to include coverage for damage to owned and hired vehicles if need be. And for organizations that utilize volunteers, coverage should be evaluated using the same standards as company employees.
No matter the precautions taken, a company’s operations and activities, including products and how they are distributed, have the potential to cause harm (bodily injury or property damage) to a third party. General Liability Insurance helps protect organizations in the event of these kinds of claims. General Liability policies may also protect against claims alleging personal or advertising injury such as false arrest, invasion of privacy, false advertising, etc.
Important note: professional services are typically excluded by general liability policies. Therefore, talk with your agent to determine if additional coverage such as a separate professional policy is necessary.
Organizations routinely come against claims of Wrongful Employment Practices and this policy is designed to protect you should Employment Practices become an issue. There are a few things to note here: wrongful employment practices has a very broad definition. A few standards for this policy may include discrimination, sexual harassment, and wrongful termination. However, it’s important to thoroughly discuss anything pertinent to your situation with your agent to determine the best level of coverage specific to your needs.
The leadership of any organization has the responsibility of correctly administering the entity’s employee benefit programs. And with the changing rules and government regulations, this can be a tedious task to manage correctly and without incident. Employment Benefits Liability Insurance can help protect a company against claims for negligence regarding the administration of these programs. Often, this verbiage is included in General Liability policy, but further evaluation may be needed to determine the best option to avoid being over or under insured.
Professional services such as healthcare, counseling, legal services, etc. are subject to malpractice claims. Professional Liability Insurance is a highly specialized form of coverage which requires a thorough assessment to determine the scope of what needs to be addressed.
Many organizations serve or sale alcohol at fundraising events. Also, this is a common occurrence when entertaining the likes of staff and customers. Your agent can help you determine if it’s best for you to carry this policy, or if the entity should seek to outsource this service.
If relying on a vendor to assume the responsibility and liability, you should require them to provide evidence of this in which case, the naming of the sponsoring party will be listed as Additional Insured in the policy.
In order to perform job functions, employees are routinely given access to the inner workings of an organization. This can leave companies vulnerable to poor judgement and malicious acts. Employee Dishonesty Insurance can be written include mishaps such as as misapplication of funds, employee theft, protection for forgery or alteration of checks. It is important to note internal controls for accounting practices will impact the price of these policies. In some instances, special considerations need to be made for volunteers as they are not typically covered under these plans.
Excess Liability Insurance is particularly important when a company grows in side or expands its services to include a larger geographic area. These policies normally do not provide additional coverage above and beyond Directors & Officers liability, Professional Liability or Employment Practices Liability, but it does give you additional limits of liability over and above General Liability, Automobile Liability and Employer’s Liability.
Property Insurance should be written for the replacement value of the items insured which may include buildings, inventory, electronics, cash, valuable documents, signage, or anything costly to replace. Large deductibles can help lower the price of premiums but still limit liability should something happen. The amount of insurance you carry must be at least 80% (or more in some cases) of the value of the property insured. Type of building construction and location are factors which impact the price. Certain categories of property will have special insurance available for specific hazards, e.g. a power serge may cause damage to office equipment which would not be covered under a standard property policy. Be sure to discuss these risk factors with your agent.
This is a specialty form of coverage which offers protection for building service equipment from mechanical breakdown or anything over and above what would be covered by a standard property policy. It’s important to understand these specific threats so you can plan accordingly.
A Property Insurance policy may cover the building in the case of a fire, but the down time of not being open and generating income may be devastating to a business. A Business Income Insurance Policy would mean the owner lost income would be replaced. Any additional expenses such as the need to temporarily relocate as a result from the damage could be insured by this coverage as well.
Accident Insurance can be written as primary or excess coverage. This is ideal for organization who depend on volunteers as they are the primary beneficiaries of these policies. It pays for medical expenses incurred from accidental injuries that happen either on your premises or from a trip taken on your behalf (depending on how It’s written). Limits usually don’t exceed $5,000 and is subject to a small deductible.
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4305 N Garfield St.
Midland, TX 79705
INDUSTRIES WE SERVE
Directors and Officers Liability
Employment Practices Liability
Employment Benefits Liability
Machine & Equipment Insurance
Business Income Insurance