Eliminating and minimizing risks is necessary for any business whether for-profit or non-profit, small or large, privately held or publicly traded. Executive protection insurance is one way to minimize the risks associated with having an executive team.
Employment Practices Liability
Applicants, current and former employees may sue the company over employment practices. In fact, these types of cases are more common than those for commercial property. Hostile work environments, discrimination, wrongful termination, retaliation, and harassment are common reasons for an employment practices claim against an executive or the business at large.
Dishonest acts, embezzlement, forgery, check tampering and cyber crimes are on the rise in small and medium-sized businesses. Commercial property insurance policies don’t often cover these risks. Moody Insurance suggests that you can protect the money and time spent growing your business with appropriate insurance coverage.
Directors & Officers Liability
Competitors, customers, regulators, creditors and suppliers/vendors may sue the executive team for a variety of things including unfair trade practices. General liability, commercial property and umbrella policies may not cover these types of liabilities.
Protect the investment in your company with executive protection insurance. The managerial team may add different exposures as they lead your company into the future. A little protection now helps stave off financial loss later on.