It may seem like you’ve covered all the bases with a handful of different kinds of insurance for your business, but if you haven’t included executive protection insurance, your coverage is incomplete. Unlike many claims that may arise against a corporation, claims involving a specific executive within a company may result in that executive being held personally responsible for what happened in that case. Therefore, executives and officers who play important roles in the operations of your business need protection specific to their status.
Risks of Being an Executive
There are many claims that could be made against a company executive, and some may even deal with former executives who no longer work with you. A good executive protection insurance policy should provide at least the following coverage.
- Directors and Officers Liability for non-Profits, associations, and for-profit organizations – ensures you have an experienced and qualified agent working with your case
- Employment Practices Liability – protects against claims dealing with state and federal employment legislation like the Family and Medical Leave Act
- Fiduciary Liability – protection for claims surrounding alleged prohibited fiduciary transactions
- Miscellaneous Professional Liability – protects against claims dealing with healthcare, cybersecurity, management, and more
Each of these types of liability coverage protects against a variety of claims that could be raised against an executive or company officer. The experts at Moody Insurance assert that it is best to work with an insurance provider that specializes in executive protection insurance. That way you will receive an in-depth risk assessment and a policy recommendation based on the specific needs of your business.