We have a range of policies from the top carriers to fit your needs. Use our expertise to answer all your questions and do all the legwork for you so that you can get back to those you serve.
Read below to find out more information about each policy. Ready to get a quote, click request quote and a member of our team will do the work for you.
Trustees and other fiduciaries of multiemployer and public benefit funds face significant personal liability in their daily duties. Fiduciary Liability insurance is a contract under which the insurance company agrees to reimburse a benefit fund or other claimant for losses caused by violations of:- Fiduciary responsibility law- Administrative errors or omissions- DOL, IRS and other regulatory penalties, monetary sanctions and costs of required corrections.
Under some States and Federal Law, officers and directors of labor unions can be exposed to personal liability but must defend themselves, in certain circumstances, at their own expense. Labor Professional Liability insurance covers the duty of fair representation, employment practices liability, financial management of the union and personal injury liability.
Read below about potential exposures and how your policy would cover you.
Wrongful dismissal, discharge or termination of employment
Harassment claims, including sexual harassment and hostile work environment claims
Discrimination claims, including claims based on age, gender, race, color, national origin, religion, sexual orientation or preference, pregnancy or disability
Retaliation, including lockouts
Employment-related misrepresentation(s) to an employee or applicant for employment with the union
Employment-related libel, slander, humiliation, defamation or invasion of privacy
Wrongful failure to employ or promote
Wrongful deprivation of career opportunity, wrongful demotion or negligent employee evaluation, including the giving of negative or defamatory statements in connection with an employee reference
Failure to provide or enforce adequate or consistent policies and procedures relating to any wrongful employment practice
Violation of any individual’s civil rights
First and third party discrimination claims
Protection against claims for mishandling union assets
Defense coverage for the union and its leaders for duty of fair representation claims and payment of settlements and judgments
False arrest, wrongful detention or imprisonment or malicious prosecution
Libel, slander or defamation of character
Wrongful entry or eviction or other invasion of the right to private occupancy
Infringement of copyright or trademark or unauthorized use of title
Plagiarism or misappropriation of ideas
Defamation of character arising out of union publications (in certain circumstances)
An emerging risk for benefit funds is data breach and cyber loss risks from hackers, thieves, third-party contractors and employees. Cyber liability will cover the costs to stop and contain a data breach and then respond to regulators or claimants who allege they were injured by a data breach.
Read below for more information on how your policy would cover you.
Covers the cost and expenses related to determining whether a cyber attack has occurred, how it occurred and how to stop the attack/loss of data.
Assessed by federal and state regulators for failure to comply with security and privacy rules, including HIPAA and notification laws.
New issue is Europe's GDPR Fines.
Covers crisis management and public relations expenses.
Covers lost income and operating expenses due to a material interruption or suspension of an insured's business caused by a network security failure.
Extra expense coverage is key for plans.
Related to notifying customers and others about a cyber event, as well as any mandatory credit/fraud monitoring expenses.
From participants, regulators or other third parties relating to alleged losses from wrongdoing by a plan in connection with a computer system or breach of privacy due to theft, loss or misuse of data.
Policy in which insurance company agrees to reimburse benefit fund for losses caused by theft, fraud or other dishonest acts. It covers losses due to intentional acts, whereas fiduciary liability covers negligence or other acts or omissions not intended to cause benefit fund losses. It is mandatory under ERISA, fiduciary liability is discretionary.
Read below for more information on this policy.
Each person who handles fund assets must be bonded for 10% of the total amount of assets handled-subject to a minimum bond of $1,000 and a maximum required bond of $500,000.
Must cover "fraud or dishonesty" to meet ERISA standards- some bond have "employee theft" language that may not meet the standard.
Key issue is scope of definition of "employee" when funds handled by third parties.
Plans should consider additional coverage grants beyond the required employee theft: forgery or alteration; computer fraud; and funds transfer fraud; investigative expense coverage.
Businesses must purchase worker's compensation insurance that provide guaranteed benefits such as medical care and compensation for lost income to employees hurt on the job, regardless of who is at fault for the injury or illness.
Medical expenses related to the treatment of a work-related injury or illness covered under the policy include:
healthcare provider's visits
and any out-of-pocket medical expenses
Worker's compensation also pays for a percentage of wages lost as a result of an injury or illness.
Protects business owners from the risks of liabilities imposed by lawsuits or similar claim- protection against third-party insurance claims. It provides protection against financial losses related to liability that arises when a person or entity is legally responsible for the bodily injury (BI) or property damage (PD) suffered by another.
This insurance policy provides Indemnity and defense.
Indemnity - insurer pays for BI or PD for which the insured is held legally liable.
Defense - insurer provides a legal defense against claims of liability.
Coverage that protects against financial loss because of legal liability for injury to persons or damage to property of others caused by the insured's motor vehicle.
Commercial Property insurance covers loss or damage to building and business personal property at specified locations.Read below for more information on what the policy covers.
Buildings as named in policy declarations (structures and permanently installed fixtures, machinery and equipment; outdoor fixtures, etc... They are insured at their actual cash value (what they are worth) or their replacement cost
Property of others that is in your care, custody and control
Optional coverage: Business income and extra expense coverage