Posts Tagged "houston business liability insurance"

Insurance Coverage for Public Companies

Posted by on Jan 15, 2016 in News | 0 comments

Through our partner company Travelers, Harned Insurance offers Travelers Executive Choice+SM – a suite of products specifically for public companies.  These products have been built and shaped to address the current management liability exposures faced by today’s public companies. You can find a complete overview here  Below you will find a brief breakdown of Travelers Executive Choice+SM for public companies: Directors and Officers Liability –  Directors and Officers liability insurance provides specialized coverage for the directors and officers of your company. This coverage protects these individuals against losses that may result from alleged errors in judgement, breaches of duty, or wrongful acts in the course of their work for your organization. Side A DIC D&O Liability – Specifically designed to meet the unique needs of directors and officers, Travelers Broad Form Plus+ policy combines expert claims-handling with extensive coverage for non-indemnifiable claims against directors and officers (Side-A) that includes difference-in-conditions (DIC) drop-down features not found in traditional D&O policies. Employment Practices Liability – Employment practices liability insurance protects your organization when claims arise from allegation of wrongful employment practices. This includes, for example, claims related to failure to promote, discrimination, and sexual harassment. Fiduciary Liability –  Fiduciary liability insurance protects benefit plans, the sponsor organization and individuals acting as fiduciaries or administrators of the plans. The policy covers liabilities arising out of violations of any of the responsibilities, obligations, or duties imposed upon fiduciaries by ERISA. Miscellaneous Professional Liability – Miscellaneous Professional Liability (MPL) covers errors and omissions for a variety of professional service providers.  MPL provides coverage for negligence in the performance of services where a reasonable standard of care is expected. Crime – Crime insurance addresses the most common fidelity threats, including losses due to employee dishonesty, credit card forgery, computer fraud and theft, and disappearance and destruction of property. With crime protection from Travelers, you can obtain a wide range of coverages to help protect your business against financial loss due to certain crimes. This includes theft or forgery committed by employees, as well as other crimes committed by individuals outside of your organization. Kidnap and Ransom –  Kidnap and ransom insurance policies provide coverage in the event of a kidnapping. This typically includes coverage for monies paid to kidnappers or extortionists, loss of ransom in transit, and other expenses incurred as a result of a kidnapping. Identity Fraud Expense Reimbursement –  Identity fraud is one of the fastest growing crimes in the country today, impacting several million people per year. Travelers will pay for expenses associated with clearing identity fraud victims’ credit and also give them the information and guidance they need to resolve the problem. Coverage options are available individually, or combined with other offerings to provide a more extensive solution to your risk exposures. All of these products are designed to work together to minimize coverage gaps and overlaps. Protecting your company’s assets and the best interests of your management team is essential to the long-term success of your organization, so it’s important to establish an effective management liability package...

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Employment Practices Liability Insurance – A Vital Component to any Business

Posted by on Aug 21, 2015 in News | 0 comments

EPLI covers businesses against claims by workers that their legal rights as employees of the company have been violated. No matter the size, Employment Practices Liability Insurance (EPLI) coverage is a vital component to any business’ insurance package. In recent years the number of employee accusations and charges employers face has grown dramatically. Unfortunately many small businesses lack human resource professionals or legal counsel on staff to guide them through the minefield of risks they face every day. Recognizing that smaller companies now need this kind of protection, some insurers provide this coverage as an endorsement to their Businessowners Policy (BOP). An endorsement changes the terms and conditions of the policy. Other companies offer EPLI as a stand-alone coverage. How does EPLI protect employers? It protects employers from claims brought by employees who allege: Sexual harassment Discrimination Wrongful termination Breach of employment contract Negligent evaluation Failure to employ or promote Wrongful discipline Deprivation of career opportunity Wrongful infliction of emotional distress Mismanagement of employee benefit plans EPLI covers claims brought by: Full time, part-time, temporary, and seasonal employees Recognized volunteers Applicants Independent contractors Leased employees The cost of EPLI coverage depends on your type of business, the number of employees you have and various risk factors such as whether your company has been sued over employment practices in the past. The policies will reimburse your company against the costs of defending a lawsuit in court and for judgments and settlements. The policy covers legal costs, whether your company wins or loses the suit. Policies also typically do not pay for punitive damages or civil or criminal fines. Liabilities covered by other insurance policies such as workers compensation are excluded from EPLI policies. For more information about EPLI, and to make sure your business is covered, contact us...

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Five Tips to Shop for Commercial Insurance

Posted by on Jul 17, 2015 in News | 0 comments

A type of insurance called commercial insurance is a plan designed uniquely for your particular business. There are four main categories of coverage when it comes to commercial insurance, these include: property insurance, general liability insurance, commercial automobile insurance and umbrella insurance. You should know these five tips before you start shopping for commercial insurance for your business: Shop, Shop, Shop and Evaluate Value When it comes to finding the best choice for your commercial coverage, evaluating policy prices is an essential element as long as your decision is based on value and you’re not just focusing on the price. Educate and do Your Homework A one-size-fits-all policy will not magically solve your commercial needs because your coverage requirements depend on a number of variables. Do you own your own property? Do you have customers who come to your work site? How many employees do you have? Do you have vehicles to cover? How many vehicles are over the road? What is the total number of autos you use? What are these vehicles used for? What kind of inventory do you have to carry? Is there any special equipment you have to maintain? Understanding the type of coverage needed will help keep costs down on the policy you choose. It is important to only purchase coverage that best fits your business and industry. Conduct a Risk Management Audit Before you begin shopping or working with an insurance agent, is there something you can do now to lower your current risk? This could help save you money on your premium because the insurer will take note of your efforts of managing risk within your business. Clean Up Your Credit It’s a fact; those with the highest credit score prove to be a lower risk therefore rewarding them with the lowest premiums so pay your bills on time and monitor your total debt load. Beware of Over Insuring If you don’t need it, don’t buy it! How much insurance your purchase depends on the area of risk that you’re seeking to mitigate and sometimes insurance isn’t the best solution. It’s always best to consult with a risk advisor to determine the most valuable and cost-effective solution with the best coverage to protect your...

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Cyber and Workforce Risks Rising Concern for U.S. Businesses

Posted by on Jun 19, 2015 in News | 0 comments

American business leaders worry about the same major risks as they did in 2014, however rising levels of concern over cyber risks and the ability to attract and retain talent have shifted the ranks in some subtle and no-so-subtle ways. Here’s what business leaders are worried about via our partner company Travelers Insurance: View and download the full article and report...

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