Walker & Associates: Safeguarding the Assets of Your Firm and Management
You worked hard to build your business, providing employment for many who live in Central Indiana. Your employees are your greatest assets. They can also be one of your greatest risks, especially in an environment fraught with tighter regulations and increased scrutiny and litigation. In fact, over the last several years, we have seen a rise in employment practices liability claims – from claims of discrimination, sexual harassment, wrongful discharge and wage-and-hour disputes, among others.
In addition, your company and executives also face the potential for litigation in their roles as directors and officers. These types of suits can result from allegations of wrongdoing, such as financial mismanagement, misappropriation of funds and negligence. What’s more, it’s not just corporations that can find themselves embroiled in a management liability suit. Private middle-market and smaller, family owned firms are also frequent targets of such lawsuits.
Walker & Associates can help you protect against both employment-related and directors and officers suits with two key coverage components, critical to a comprehensive insurance program.
Employment Practices Liability
Employment Practices Liability Insurance (EPLI) is designed to protect your company against the crippling costs associated with allegations of wrongful employment practices. It can cover legal costs, settlements and damages assessed against your company and respond to claims against all employee and management levels. An EPLI policy will cover most claims of discrimination, harassment, wrongful termination, and workplace misconduct. Some policies also provide defense coverage for wage-and-hour disputes. We will assess your specific needs and determine what type of EPLI policy will fit your risk profile.
In addition, you can reduce your company’s risk of a potential lawsuit by maintaining excellent records on employee evaluations; hiring, promotion and termination decisions; compensation; and hours worked. Companies with strong compliance histories and strict workplace policies are in a better position to avoid complaints, but no business is risk-free.
Directors & Officers Liability
Directors & Officers (D&O) Liability insurance provides protection against risks associated with management actions and the decisions of a company’s directors and officers. The policy is designed to protect the firm itself and its directors and officers from liability due to breaches of duty resulting from negligence, error, or omission. Coverage also includes defense costs and court fees for covered claims.