Insurance for Venture-Backed Startups

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According to a recent survey, one of every four private companies in the United States experienced a Directors & Officers (D&O) liability loss during a three-year period. This threat is especially relevant to early-stage (Seed to Series C) startups, who have specific needs that often are not addressed by the existing products in the market. Startups have a difficult time procuring insurance coverage due to a limited financial history. As a result, they are often presented with limited business insurance options, as well as expensive premiums and minimal limits.

CoverWallet offers a customized bundle with the right coverage for a startup’s executive teams that meets the coverage needs of modern-day technology startups. We take a data-driven pricing approach to be able to offer highly competitive pricing, and our team of startup insurance experts are available to walk you through the process and different coverage options

By providing protection against specific types of liability that other policies don’t address, executive liability insurance can save your business the expense of costly litigation and claim settlements, as well as help protect your company’s hard-earned reputation.

Management Liability Insurance

What is covered by Management Liability?

From injury claims to property hazards and professional perils, the long list of unplanned situations and circumstances makes every business exposed to certain risks and liabilities. An insurance policy specifically designed to cover management liability picks up when General Liability policies leave off, protecting businesses and key officers against claims along with associated expenditures. The Management Liability Startup Package is a combination of three different types of insurance: Directors and Officers Insurance, Employment Practices Liability Insurance, and Fiduciary. Management Liability is a combination of three different types of insurance:

Advantages of CoverWallet’s Startup Insurance Package for VC-backed companies

  • Save Money and Time

  • Proprietary algorithm

  • Admitted Insurance

Detailed product comparison to closest competing products

Management Liability* CoverWallet Competitors
Admitted Market Yes Sometimes
Aggregate Limits $5 million $3-5 million
Directors & Officers Coverage(Past, Present, Future) Yes Yes
VC-Based Qualifier Yes Sometimes
Wage & Hour Yes Yes
Failure to Promote Yes Yes
Fiduciary Coverage Yes ($5 million Limit) Sometimes ($3 million Limit)

The information contained in above and this document is based solely upon review of publicly available sources and those forms filed in SERFF as of 3.4.2020. The forms and coverages provided by competitors are subject to change.

Additional benefits:

  • Rating Factor

  • Broad Subsidiary language

  • Employee Stock Ownership Plans

  • Lowest Retention amounts

  • Wage & Hour coverage

  • Third-Party Coverage

  • In line with Evolving organizational structures

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Why do I need Management Liability?

Losses related to the actions of directors and officers are more common than many realize. A single loss could be devastating to a growing business. Without proper protection, including directors indemnity insurance, businesses face sizable exposure that can affect cash reserves, working capital, or even personal assets.

In most cases, businesses face D&O related lawsuits from customers. But vendors, government agencies, regulators, partners, and shareholders can also file legal claims against your company. Costly litigations, lengthy court process, legal defense costs, and damage to your business reputation all wear on a business, causing a decrease in productivity and a decrease in morale. Without the coverage provided by directors and officers liability insurance, even a simple allegation, regardless if it’s true or not, can be costly, and time-consuming, and an unproductive distraction from the needs of the business.

Disclaimer: COVID-19 has resulted in restrictions to the insurance program and not all coverage above may be currently available.

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