June 10, 2016

There is a lot more to consider than the basics

Mike Pierce
Sales Executive

Business owners have traditionally insured property, equipment, vehicles and liability. In the complex world of 2016, there are many other risks an insurance buyer must evaluate.

Chubb Insurance Company conducted a study in 2013 of privately held businesses. The study revealed a large percentage of company decision makers are not taking steps to protect themselves with professional and management liability. Adding to the problem is something as basic as the managers not understanding what is covered under their current liability policy.

The following are coverages typically excluded by a General Liability (GL) policy and the percentage of insurance buyers surveyed who erroneously believe GL provides coverage; Directors & Officers (65%), Employment Practice Liability (60%), Errors & Omissions Liability (52%), Fiduciary Liability (51%) and Cyber Liability (39%).

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Virtually every private business has exposure to these risks. It is recommended that you make a point of discussing these coverages with your insurance agent.”

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Mike Pierce
Sales Executive
(970) 356-0123
MPierce@floodpeterson.com

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