Specialty Products   In today’s ever-changing and litigious environment, it is critical to protect yourself beyond the protection that traditional insurance policies provide. Financial Loss Claims are the fastest growing area of claims in the United States. Whether it’s a lawsuit stating that you were negligent in performing your “professional“ duties, an employee filing a wrongful termination lawsuit, or a lawsuit from a creditor or a shareholder stating that your decisions as a director caused them financial loss, we’re here to help with our Specialty Products coverage. Professional Liability (Errors and Omissions): Protects you from claims alleging negligence in your “professional services” that caused the claimant financial loss. If you provide services that are considered professional services, then you have a professional liability exposure. The following are examples of claims: A retail company sues their technology provider alleging that their software failed to properly track sales and caused them to stock the wrong products resulting in a large financial loss due to loss of sales A homeowner sues a realtor for providing incorrect square footage causing the homebuyer to believe the purchase was a better deal and causing financial loss A client sues an attorney for providing incorrect advice and costing them hundreds of thousands of dollars Employment Practices Liability: Protects you from employee lawsuits alleging wrongful termination, sexual harassment and other types of employment-related lawsuits. Wrongful termination lawsuits can arise from alleged discrimination involving race, age, gender, sexual preference and more. Everyone who has employees has this exposure. The insurance industry deems this area to be the fastest growing area of claims in the United States. The following are examples of claims: An employee sues the employer for lost wages and damage to reputation alleging wrongful termination due to gender discrimination An employee at a restaurant files suit against the restaurant alleging that a manager sexually harassed them during closing hours Directors/Officers Liability: While this policy is critical for public companies and nonprofits, it is also relevant to private companies. This policy protects the personal net worth of board of directors members as well as company officers from personal lawsuits filed by shareholders, creditors, clients and employees alleging financial loss due to poor decisions made by the company’s directors and officers. The following are examples of claims: A shareholder who is not on the board of directors sues board members for loss of share value due to poor decisions made by the board. A creditor files suit against the board of directors alleging that the negligence and carelessness of the corporate officers forced the company into bankruptcy. An employee files suit against the chairman of the board for financial loss alleging that he approved personal loans to himself and other board members and subsequently laying off several employees stating that the need for downsizing was due to the economy Crime (Employee Dishonesty): Whether it’s forgery, wiring transfers, misappropriation of funds, theft of cash on premises or credit card fraud, employers need to protect themselves from dishonest employees. Employee theft can take place over several years in small amounts so that it cripples the company over a period of time. A comprehensive Crime Policy with limits sufficient to protect your company’s assets can be the key to making you whole should you be the victim of employee dishonesty. Designed & Developed by Envision Works