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Professional Liability Insurance
Professional liability is probably the most overlooked coverage today.
This is due to the perceived notion that it is prohibitively expensive
or just unnecessary. But do you know that General Liability covers only
bodily injury and property damage? Unfortunately, most firms do not make
that realization until they are presented with a claim for financial damages
due to some aspect of their operations
Generally speaking, professional liability can be broken down into three
product lines:
- Directors & Officers Liability
- Errors & Omissions Liability
- Employment Practices Liability
Diversified Risk will help you understand your D&O exposure. Whether
private or public, your Directors and Officers have a personal financial
exposure in running the firm. The firm has an obligation to protect its
Directors and Officers in order to retain qualified leadership. Potential
claims can come from a variety of sources. Common areas of litigation
sources are shareholders, private investors, governmental agencies, competitors,
customers, consumer groups and employees. A D&O policy will help
protect your directors and officers, and in many cases your balance sheet
as well.
Professional malpractice insurance, or errors and omissions ("E&O")
insurance as it is commonly called, promises to pay for the policyholder's
liability from the performance of professional services. The insuring
agreement of a typical E&O liability policy requires the insurance
company to: Pay on behalf of the insured those sums which the insured
becomes legally obligated to pay as damages because of a negligent act,
error or omission in the performance of the insured's professional services.
This can be for the rendering of professional services, or for the failure
to render professional services. Let DRIB work with you in determining
your exposure to potential claims.
Employment Practices Liability Insurance, or EPLI, protects your employees,
officers and the firm from claims of harassment, discrimination, demotion,
failure to promote, failure to hire, retaliation and wrongful termination.
These claims can be based on gender, race, age, religion, or other physical
or lifestyle attributes. Not only will Diversified Risk help you with
securing coverage; we will also help you develop a strong human resources
loss prevention program to avoid these types of claims in the first place,
when required.
In many cases, we can combine these insurance products under the Business
And Management (BAM) Indemnity Insurance. Follow this link
to complete an online application and we will begin the process.
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Diversified Risk Insurance Brokers
phone: 510/547-3203 fax: 510/547-5648
5900 Christie Ave
License # 0529776
Emeryville, California 94608
copyright © 2001
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