Protecting your practice or facility with a medical professional and a general liability policy is not enough. While they policies may be a necessities, they will not extend to other Management Liabilities that may be presented. Specifically, no reimbursements will be provided for any breach of duty, neglect, error, etc. committed by the Directors or Officers of the practice or facility. This liability is assumed under a Director’s & Officer’s (D&O) liability policy. Such a policy protects the individual assets of the D&Os as well as the assets of the insured entity when claims are presented.
D&O claims could come from a number of different sources. Consider that your shareholders, investors or partners my bring suit as a result of a merger or acquisition. They may allege a conflict of interest or poor financial performance. Your clients, consumer groups or your competition could also be a threat alleging dishonesty, deceptive trade practices, copyright/patent infringement or defamation. With so many ways in which claims can materialize, a D&O policy is a must!
Employment Practice Liability (EPL) is another policy often overlooked by employers. The function of an EPL policy is to protect an insured from alleged wrongful employment acts such as: discrimination, harassment (sexual or other), failure or refusal to hire or promote, termination, infliction of emotional distress, defamation, humiliation, etc. With the current economic conditions and constant reports of downsizing, lay-offs and closures, an EPL policy may be exactly what you need to protect your practice.
For those practices or facilities with a need for both a D&O and EPL policy, these coverage can often be written in a single policy form which often results in an additional premium savings.
Contact Us today so you can be protected.