Businesses that rely on computers in their operations or store any Personally Identifiable Information (PII) should consider Cyber Insurance to protect against cyber (internet) risks. Standard business insurance forms do not include the exposures related to hackers, breaches, and network security glitches that compromise your computer system. Cyber Insurance covers data breach that may include loss, theft, accidental release or accidental publication of personal information such as Social Security Numbers, Driver’s License Numbers, Patient History and Medication, and Bank Account Numbers.
Directors & Officers Liability insures corporate directors and officers against claims, usually by stockholders, alleging loss arising from mismanagement. Claims may also be made by other than stockholders against the corporation for mismanagement, which would also be covered.
Employment Practices Liability Insurance covers lawsuits brought by employees (past, present or prospects), against the insured employer, alleging wrongful discharge, discrimination or certain types of harassment.
Fiduciary Liability Insurance pay for damages that the insured becomes legally obligated to pay due to claims for alleged failure to prudently act within the meaning of the Pension Reform Act of 1974. ‘Insured’ is variously defined as a trust or employee benefit plan, any trustee, officer or employee of the trust or employee benefit plan, employer who is sole sponsor of a plan and any other individual or organization designated as a fiduciary. Operations that have pension plans and trustees to administer the plan should consider this coverage.