When something bad happens, those impacted are often looking for someone to blame, including the leaders of a company. However, there are ways to protect your team.
In collaboration with Great American Insurance Company, Taylor Oswald hosted a webinar on the value of directors’ and officers’ liability coverage. A panel of experts stressed the importance of liability coverage, specifically for those with governmental and fiduciary implications, and what they may not have already known about this integral insurance.
The featured speakers included: Chris Owens, risk advisor for Taylor Oswald; John Kneiss, senior placement specialist for Oswald Companies; Shane Allen of the Executive Liability Division of Great American; and Jessie De Freeuw, crime insurance underwriter for Great American.
As the landscape changes into more digital offerings, essential coverages such as directors’ and officers’, hiring procedures and crime can be overlooked and, in turn, not renewed or revised. A lapse can cause problems when trouble arises.
Directors’ and officers’ liability protects the personal assets of those toward the top of the hierarchy at an organization from being sued by employees, vendors and the like. It often protects the entire organization by providing broader coverage when more complicated claims come to the door.
When secured, updated and renewed, this coverage enhances the organization’s credibility, attracts talent and gives directors and officers peace of mind for retention in the long run.
This is different than Employment Practices Liability Insurance (EPLI) – which can cover an organization when it comes to former employees who claim they experienced harassment, wrongful termination, discrimination for sex, age or sexuality, and other employment-related issues. EPLI can mitigate financial risk for an organization, protect from certain lawsuits (or elements of lawsuits) and much more.
Even more eye-opening, Jessie De Freeuw brought many cases of how crime insurance has been increasingly needed and all that her group has helped cover. Crime insurance protects a company or organization from internal crime such as computer fraud, stealing from the company and forgery.
Organizations lose upwards of 5% of their yearly revenues to fraud, causing more property loss than any other insurable peril. This can manifest as theft of tangible items and products, payroll fraud or even impersonation within a customer/vendor/employee relationship, resulting in annual losses of $43.3 trillion worldwide at last calculation.
Of course, each of these specific coverages can have different caveats, exclusions and indemnifications depending on the claim, situation, organizational hierarchy and insurance provider.
Contact the Taylor Oswald risk team for a full analysis of what your current policies cover, how to update or renew your coverage, or have any further questions. They will explain how Oswald looks out for organizations, how carriers like Great American, provide coverage, and what is best based on your organization’s leadership and potential risks.
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.