Directors and Officers, or board members, are the backbone for a variety of industries including nonprofit organizations, public companies and the private sector. While there are some misconceptions about the insurance needed for each sector to reduce Directors and Officers Liability, it’s important to note that companies are not required to have shareholders to be eligible for getting sued. Here are some common myths about the coverage and how important it is for these professionals to be protected.
What is Directors and Officer’s Insurance?
According to Novick..
The quality of the services provided are the backbone of professional service businesses. While there are numerous factors that can cause loss of revenue and time, they are often preventable. In order to reduce the risk of losing clients and diminishing their reputation, professional service companies need to acknowledge the common mistakes that occur and learn how to prevent them. In addition, a Professional Liability Insurance Package is required to manage the risks.
Miscommunication with Clients
As technology is modified and improved, so is the way in which businesses communicate. As electronic means are the typical form of exchange, companies must ensure that the messages sent are not capable of landing them in hot water. While litigation can arise out of these exchanges, it is important for companies to protect themselves with a sound Errors and Omissions Insurance policy.
Inside Counsel states that with the volume of information exchanged, companies should take great..
As risks vary, your clients need to safeguard their interests with comprehensive insurance policies that cover commercial crime, fiduciary liability, and Errors & Omissions for Attorneys. As clients also expect that the data they manage is secure and easily accessible, efficiency has been a primary goal. For years, businesses have turned to cloud-based solutions to improve productivity. Many others, particularly law firms, have steered clear of the cloud fearing it could jeopardize data security. However, a new survey indicates cloud storage is..
As many corporate leaders are seeking to move their general counsel in-house, the structure and policies can prove to be a big transition for traditional law firm employees. In order for your clients to better serve their corporate customers, they are advised to follow these steps and equip themselves with Attorney Professional Liability.
Business Comes First
Ultimately, as in-house counsel for one company, every matter is essentially a business matter rather than a legal one. As Inside Counsel..
As we have discussed in many posts, the looming threat of cyber-attacks is a growing concern for all businesses. As stolen sensitive and confidential data can lead to devastating consequences for the victim, this Privacy and Network Security concern needs to be a top priority for all businesses.
Inside Counsel states that most of these data breaches fall into three categories: Those motivated by financial gain; Breaches of U.S. government organizations by foreign governments to steal government secrets for military, intelligence,..
As most business owners are aware, implementing change can be difficult. Maintaining best practices is something that every business needs to promote and can benefit from. One such example is creating an employee hotline. With the implementation of hotlines, fraud can be reduced and tips can be given anonymously to report any unlawful or suspicious behavior. While not all procedures are easily enforced, consider the usage of effective employee hotlines to reduce Employment Practices Liability.
Moving toward hotlines seems to be a..
Professional Liability, otherwise known as Errors and Omissions, is a fundamental coverage for any business to include in their portfolio. This broad coverage provides protection against the scope of risks that any professional who offers advice or services might face. Litigation resulting from either of these types of claims has the potential to cause financial devastation and reputational ruin for these clients. While small businesses might believe themselves to be immune from such claims, professional liability is a required coverage..
Property managers are an essential component of the real estate industry. As their knowledge and support are often relied upon, Property Manager Professional Liability should be included in each of their business insurance portfolios. While practice makes perfect, mistakes can happen. Therefore, here are some common mistakes that these professionals make and how these mishaps can be avoided.
Failing to Sign Written Agreements
Property managers are required to provide written agreements with their tenants and clients. Even if the property manager is doing a favor..
A new study has determined the extent of Privacy and Network Security Program issues as it relates to profits and business. While every company is susceptible to data breaches, the effects of these attacks are becoming more prominent, causing potential clients to become concerned with starting or continuing doing business with certain companies that have suffered attacks.
Andrew Serwin of Morrison and Foerster’s global privacy and security group acknowledges that this is becoming a revenue issues, not just a regulatory one..
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