Fiduciaries (trustees) can find themselves personally liable for losses to benefit plans due to alleged breach of their duties, whether intentional or unintentional. If the Department of Labor brings an action, fiduciaries can also face civil penalties.
Recent litigation on major cases has increased the potential for past and present employees to perceive they have been wronged. Lawsuits can cast enormous amounts of money to defend and settle.
A Lawyer’s duty of privacy and confidentiality to his or her client is absolute. While the Lawyers Professional Liability policy may address the risk of failure to fulfill this duty, there are additional risks – and costs – firms may face today.
With an increasing reliance on technology to conduct day-to-day business, law firms should consider a stand-alone cyber insurance policy. Many include post-breach response services with their policies, including forensic, notification, crisis management and credit monitoring services provided by contracted service providers.
Crime – Employee Dishonesty
Unfortunately, employee crime is common and on the rise. The average crime loss to a small business is nearly $100,000. In the past five years, one in three companies reported employee theft. Small companies are often at higher risk due to the lack of formal controls that can be found in larger companies.
The financial impact to an organization of employee crime can be crippling, especially when it goes undetected for a long period of time.
Kidnap & Ransom (K&R)
In today’s uncertain political climate, conducting business internationally as well as within the boundaries of the United States has become more dangerous. If employees travel domestically or overseas, maintain offices outside of the United States, have trade secrets that are vital to the organization or simply use computers, you are vulnerable to kidnap or ransom. Coverage is available for kidnap, extortion, illegal detention and hijack.