D&O, Directors & Officers – protects the assets of the business and personal assets of the executives against allegations regarding the decisions made by the executives and managerial practices
Employment Practices Liability Insurance, Employment Insurance – provides defense against allegations of improper behavior towards
Employees (harassment, discrimination, wrongful discharge…)
Fiduciary Liability – protects employers against allegations of mismanagement of employee benefit plans
Fidelity / Crime Insurance – protects against employee theft.
E&O, Errors & Omissions, Professional Liability, Malpractice (these terms are used interchangeably) – provides defense and settlement against financial damages that “your professional work” may cause to others
Cyber Liability, Privacy Liability, Information Liability (these terms are used interchangeably) – covers the costs associated with the liability that a business is held accountable for in the event of an electronic breach of data that was to be kept secure.
Note: Insurance policies either pay for:
Bodily Injury and Property damage only (property, general liability, auto, work comp)
Or, Defense Costs and 3rd Party Financial damages (D&O, EPLI, E&O, Cyber)