UNDERSTANDING SPECIALTY LIABILITY INSURANCE

General Liability insurance does not protect your business against claims of professional negligence, or for failure to perform your professional duties. For this type of coverage, the business will need a separate

Professional Liability policy.Professional Liability Insurance protects your business against loss from a claim of alleged negligent acts, errors or omissions in the performance of your professional services.

The policy normally pays for any resulting judgments against you, including court costs, up to the coverage limits on your policy.

Employment Practices Liability -- Employment practices liability coverage protects an employer against an employee's claims such as:

• Wrongful Termination Sexual or Workplace Harassment
• Wrongful Discipline Age Discrimination
• Violation of Employment Discrimination Laws
• Violation of Americans with Disabilities Act
• Wrongful Failure to Employ or Promote
• Wrongful Deprivation of a Career Opportunity
• Breach of Employment Contract
• Employment Related Misrepresentation
• Failure to Adopt Adequate Workplace Employment Policies & Procedures
• Illegal Retaliatory Treatment
• Invasion of Privacy
• Negligent Evaluation
• Employment Related Wrongful Infliction of Emotional Distress

The purpose of this insurance is to protect the corporation, directors, officers and employees from alleged employment-related wrongful acts. Some features to having this policy are Coverage for front/back pay, attorneys' fees and compensatory damages, for punitive damages where insurable by law, for actual or alleged retaliatory treatment, varying retention's for class action suits or other claims, for emotional distress or mental anguish, no purposeful or intentional acts exclusion or reductions in force or mass layoffs exclusion.

Directors & Officers Liability -- Directors and officers liability coverage protects directors and officers against claims alleging negligence, errors and omissions, misstatements, misleading statements and misrepresentations.

Most organizations have a general liability policy that protects its directors and officers against negligent acts that result in bodily injury or property damage. However, general liability does not protect against alleged wrongful acts or omissions, including breach of duty, which do not result in bodily injury.

Directors and officers coverage protects your executives from potential lawsuits resulting from key decisions or management practices-lawsuits that may target their personal assets.

A comprehensive Directors & Officers liability policy can provide insurance for the following:

• Directors
• Officers
• Committee Members
• Volunteers
• Trustees or Employees

A comprehensive Directors & Officers liability policy can :

• Defend Prior Acts
• Defend Non-monetary Damages
• Provide Duty to Defend Coverage
• Defend Libel, Slander and Defamation of Charactre
• Defend Discrimination, Sexual Harassment and Wrongful Discharge

Crime coverage can extend to those who may have access to your companies funds:

• Employee Dishonesty
• Money & Securities
• Forgery & Depository

Policies for environmental consultants can feature broad coverage specifically tailored to the specific needs of a professional in the environmental field. Coverage may include pollution incident and asbestos coverage as well as retroactive coverage for eligible firms.

Let's face it. Launching and running a business takes capital, motivation and yes, even physical stamina to handle the stress and demands of a new or growing venture. And it's risky. In fact, one out of every five businesses fails within the first five years of opening.

Handling inventory, scheduling time, purchasing supplies, handling payroll -- there are a myriad of procedures every home or small business entrepreneur needs to know, but one of the most critical and often neglected is buying proper insurance coverage.

What would happen if a fire or other disaster destroyed your property, making it impossible for you to get back to business right away? Would you remember what property had been destroyed? One way is by taking a complete inventory of all your personal business property, determining its value, and deciding what's worth insuring. Having an up-to-date business inventory will help you get your insurance claim settled faster, verify losses for your business' income tax return and help you purchase the correct amount of insurance.

Start by making a list of personal business property, describing each item and noting where you bought it and its make and model. Clip to your list any sales receipts, purchase contracts, and appraisals you have.