Chad Berberich, President – Executive Products Group, RLI
Management liability exposures are increasing for private companies and nonprofit organizations. As the number of lawsuits and cost of litigation steadily rise, the need for comprehensive insurance coverage continues to grow. RLI is meeting the need with a new Asset Protection Policy offering.
“Our new RLI Asset Protection Policy (APP) is a modular management liability insurance product designed for private companies and nonprofit organizations that incorporates a broad set of the most popular coverages, enhancements, and extensions,” said Chad Berberich, President of RLI’s Executive Products Group.
Many private companies are likely to face a lawsuit in any given year, with the potential to sustain heavy damage to reputation and employee morale. Plus, the cost of these professional-related lawsuits can be financially damaging or even cost prohibitive.
Fortunately, private companies and nonprofit organizations no longer need multiple insurance policies to protect themselves against the many management liability risks they face. RLI’s new APP coverage, which can be tailored to meet the unique needs of each client, includes the option to add and customize any of the following five key liability coverages:
- D&O coverage protects directors, officers, and the organization from managerial decision-related claims made by employees, investors, vendors, customers, regulators, and other entities.
- Employment practices liability coverage protects insureds from employment-related matters such as discrimination, sexual harassment, workplace-related violence, and retaliation claims made by employees or third parties.
- Fiduciary liability coverage protects sponsors and administrators of employee benefit plans against losses caused by breaches of fiduciary responsibility established by ERISA.
- Fidelity coverage protects against losses from employee theft, credit card forgery, computer and funds transfer fraud, as well as theft, disappearance or destruction of property. It can be extended to cover events such as computer restoration expenses and social engineering-related fraud.
- Miscellaneous professional liability coverage (also known as Errors & Omissions) protects against claims alleging errors or mistakes that occur while providing professional services.
“No two organizations are the same, and our experienced underwriters are using the flexibility of our new APP policy to provide best-in-class coverage that protects organizations from the unexpected and helps them stay focused on running their businesses,” said Berberich.