Kapnick’s Specialty Risk experts provided a detailed management liability coverage consultation to help a real client fully understand how their policies would respond to claims. This consultation reduced risks and added value to their business.
THE PROBLEM
A large manufacturing client had a suite of management liability policies, including Directors & Officers (D&O), Employment Practices Liability, Fiduciary Liability, Cyber, and more. However, their leadership team struggled with the complex terms in the policies. They also didn’t fully understand how coverage would work during a claim.
THE SOLUTION
To address this, Kapnick’s experts scheduled a thorough management liability coverage consultation with the company’s legal counsel. During the session, they reviewed policy language to ensure clarity. They explained how each policy worked independently and together, and which would respond to specific claims. By the end, the leadership team understood where their premium dollars went, how their policies reduced risks, and why the coverage added value to their business.
THE NUMBERS
Shockingly, over a third of US businesses don’t purchase management or professional liability insurance. Yet, two-thirds of private companies have faced events related to these risks in the past five years.
Average reported losses for private companies:
- D&O – $399,394
- Employment Practices Liability – $102,915
- Commercial Crime – $297,009
