Other Commercial Coverages

In the report to the nation on fraud, the average business in the United States can lose up to 6% of its total revenues due to crime and fidelity. You can readily protect your business against this exposure with insurance contracts addressing most scenarios. These policies can be formatted to insure occurrences from the basic theft by an employee to complicated internet schemes by outsiders acting in collusion with others. We will address this exposure in our risk survey to be sure that we offer you the broadest options to protect your business.

Generally, a policy will provide coverage for theft of money, securities or property by an employee, and can be extended to insure against:

• Loss due to forgery or alteration
• Theft
• Disappearance and destruction of money and securities
• Money orders
• Counterfeit paper currency
• Computer Theft

In today's environment, Employment Practices Liability Insurance cannot be ignored by any insured. Courts are holding employers to a much higher standard than ever before.

Jamison will assist with in the implementation of safety procedures including employee handbooks and coordinating seminars to reduce your exposure to this type of loss. If your business calls upon you to entrust the care of your employees to others, Employment Practices Liability Insurance will still provide you with protection against a violation that could arise.

Generally speaking, Employment Practices Liability Insurance provides coverage for wrongful acts arising from the employment process. The most frequent types of claims alleged under such policies include :

• Wrongful termination
• Discrimination
• Sexual harassment

The forms are written on a claims-made basis and are frequently available as an endorsement to the directors & officers liability policies.

What are the facts about Employment Practices related lawsuits?

The number of Employment Practices related lawsuits filed by employees against their employers has been rising. Some estimates show that 3 out of 5 businesses will be sued by an employee. Today businesses are realizing that they are vulnerable to these types of lawsuits from the pre-hiring process through the exist interview…and this would apply even if the employee wasn't even hired, or only with your company for a few days.

Whether your business is large or small, no company is immune from employment practice related lawsuits. Since the early 1990's, employers in the United States have been facing unprecedented changes in their business and legal environments. Today, employers must comply with a myriad of federal, state and local laws and regulations whenever making employment decisions. Some of these business and legal changes include:

• Civil rights and employment laws being overhauled
• Corporate downsizing and reorganization
• The escalating public awareness regarding sexual harassment

Bottom line, employers today are facing significant liability when making personnel decisions. Remember, even if a lawsuit is groundless; the costs associated with defending these suits can be costly…both in time and money.

What is your best defense against Employment Practices Law-Suits?

To prevent employment practice related lawsuits; educate your managers and employees in order to reduce your exposure as follows:

• Create effective hiring and screening programs to avoid discrimination
• Post corporate policies throughout the workplace and place them in an Employee Handbook
• Provide employees with clear steps to follow if they are being sexually harassed or discriminated against
• Document all actions related to a harassment or discrimination situation
• Identify work place issues that create Employment Practices related law-suits
• Purchase Employment Practices Liability Insurance

To discuss Solutions pertaining to Employment Practice Liability Insurance for your company, please contact us.

Protects the trustees and plan administrators with respects to errors and omissions in the administration of employee benefit programs as imposed by the Employee Retirement Income Security Act (ERISA).

Tailor-made Errors & Omissions coverage for a variety of professional and quasi-professional service exposures including:

• Stockbrokers
• Publishers
• Electronic and internet service providers and users
• Financial consultants
• Detective agencies
• AuctioneersOthers

Miscellaneous Professional Liability Insurance (MPL) is designed to provide protection for professional services firms. An MPL policy will protect any professional services partnership or corporation, including the partners, officers, employees and directors, while acting within the scope of their professional duties. The policy will provide coverage for claims arising from alleged negligent acts, errors or omissions committed while rendering professional services. Some coverage highlights will generally include:

• "Claims-made" policy form
• "Prior acts" coverage
• "Pay on behalf of" policy
• Extended reporting period options

With Jamison's strong professional liability expertise and market relationships, we'll find the right Solution for your professional liability needs…including unique or high-risk professional liability exposures. Some of the businesses requiring MPL coverage include:

• Business Consultants
• Employment/Staffing Firms
• Franchisors
• Product Designers
• Real Estate Services
• Telecommunications Companies
• Non-Medical Testing Labs

Why is a Miscellaneous Professional Liability Insurance policy necessary?

Even though your business most likely has Comprehensive General Liability (CGL) coverage, it is important to understand that unless there is bodily injury or property damage resulting from a negligent act, in most instances your CGL policy will not provide coverage for any claims arising from rendering professional services. An MPL policy will fill this coverage gap.

Virtually any firm today that provides advice or other services as its core product faces an increased threat of claims alleging errors and omissions in the performance of its duties. With our economy shifting from manufacturing based to one dominated by service businesses, greater demands and competitive pressures are being placed on professional services firms. As a result, clients' expectations are increasing, professional services firms are faced with having to offer additional services and advice changing their core business functions and are being required to carry adequate insurance protection:

• Failure to meet client expectations is often the primary factor in a professional liability claim - even more so than actually doing faulty work.
• Offering new services brings with it an increased potential for professional liability claims because the new practice areas pose unfamiliar or hidden risks.
• A growing number of professional services firms are required to provide proof of professional liability insurance before they can begin a new project.

To discuss Solutions pertaining to Employment Practice Liability Insurance for your company, please contact us.