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.
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:
Insurance to protect D&O of non-profit, for-profit, and privately held businesses for liability that might arise while managing the business. Some of the risks covered include negligent acts, failure to comply with regulations, omissions or misleading statements, and other related risks.
This insurance protects businesses against fiduciary related claims due to mismanagement of employee benefit plans. The amount of risk associated with fiduciary roles is heightened by potential lawsuits filed against a fiduciary or trustee without complete evidence of wrongdoing.
EPLI provides protection for the company, the directors, officers, and, employees for claims made pertaining to wrongful acts and issues arising from employment practices. Most common claims covered include sexual harassment, discrimination, wrongful termination, and retaliation.
|Aggregate Limits||$5 million||$3-5 million|
|Directors & Officers Coverage(Past, Present, Future)||Yes||Yes|
|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.
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.
This type of insurance helps you cover the losses resulting from criminal acts such as robbery, burglary and other forms of theft. Many businesses choose Crime Insurance policies that allow them to file claims for internal theft or other offenses with the potential to cause financial problems.
This insurance covers a company in the event of a data breach in which sensitive customer information is leaked. These policies cover expenses, such as notification costs, credit monitoring, fines and penalties, defense costs, and loss resulting from identify theft.
This insurance will provide you with coverage if you are throwing a special event. Special Events Insurance will cover claims of bodily injury, property damage and provides coverage for any contractors you hire.
Commercial Auto insurance is similar to your personal auto insurance, but it offers higher limits and better coverage than a personal auto insurance can cover. The insurance covers collision damage costs, medical payments, damage incurred from a natural disaster and other related incidents.
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