Despite growing concern about risks, private companies largely report wide gaps in coverage and lack of understanding about professional and management liability insurance, according to Chubb's 2013 Private Company Risk Survey.
The survey polled 450 decision makers for U.S. private companies to ascertain concern about corporate risks, uncover risk-mitigation strategies and identify the prevalence of insurance ownership.
In the past three years since Chubb last conducted its survey, 44% of private companies experienced at least one loss event related to directors and officers (D&O) liability, employment practices liability (EPL), fiduciary liability, employee fraud, workplace violence or cyber liability.
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