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INSURANCE FOR THE BUSINESS OWNER - 101_Executive Protection -Directors’ and Officers’, Employment Practices Liability, Crime_Employee Dishonesty and Professional Liability

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INSURANCE FOR THE BUSINESS OWNER - 101_Executive Protection -Directors’ and Officers’, Employment Practices Liability, Crime_Employee Dishonesty and Professional Liability

This webinar will provide you with an overview of Management & Professional Liability related issues. These experts will discuss Director and Officer liability. Topics such as exclusions, Settlors Clauses, and Side A coverage will be examined.

This panel will also explore employment practices liability. This specific type of coverage is important regardless of how well you think you treat your employees. Third-party coverage will also be explored. Other topics discussed include crime/employee dishonesty and professional liability, and how each relate to broader insurance coverage.

Part of the webinar series: INSURANCE FOR THE BUSINESS OWNER - 101 2022

See more at https://www.financialpoise.com/webinars/

This webinar will provide you with an overview of Management & Professional Liability related issues. These experts will discuss Director and Officer liability. Topics such as exclusions, Settlors Clauses, and Side A coverage will be examined.

This panel will also explore employment practices liability. This specific type of coverage is important regardless of how well you think you treat your employees. Third-party coverage will also be explored. Other topics discussed include crime/employee dishonesty and professional liability, and how each relate to broader insurance coverage.

Part of the webinar series: INSURANCE FOR THE BUSINESS OWNER - 101 2022

See more at https://www.financialpoise.com/webinars/

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INSURANCE FOR THE BUSINESS OWNER - 101_Executive Protection -Directors’ and Officers’, Employment Practices Liability, Crime_Employee Dishonesty and Professional Liability

  1. 1. 2 Practical and entertaining education for attorneys, accountants, business owners and executives, and investors.
  2. 2. Disclaimer The material in this webinar is for informational purposes only. It should not be considered legal, financial or other professional advice. You should consult with an attorney or other appropriate professional to determine what may be best for your individual needs. While Financial Poise™ takes reasonable steps to ensure that information it publishes is accurate, Financial Poise™ makes no guaranty in this regard. 4
  3. 3. Meet the Faculty MODERATOR: John Eggum Partner & Shareholder – Foran Glennon Palandech Ponzi & Rudloff PC PANELISTS: Harvey Topitz Founder and Principal – Rivers Insurance Group Dan Rossen, Vice President, Commercial Multi-Peril ICW Group Insurance Companies 5
  4. 4. About This Series – Insurance for the Business Owner 101 There’s one type of contract that virtually every business in the United States enters into each and every year: their insurance contract(s). Despite being bound by and paying (sometimes handsomely) for these contracts, they’re not always well understood by the business. Questions as fundamental as what risks should be insured (v. self-insured or mitigated via contract) and for how much or what losses will actually be covered and at what value are simply not commonly understood. This Financial Poise webinar series teaches business owners, executives and their trusted advisors, what they should know about their property & casualty insurance so they understand how best to protect their assets and people in the most cost effective manner. Each Financial Poise Webinar is delivered in Plain English, understandable to investors, business owners, and executives without much background in these areas, yet is of primary value to attorneys, accountants, and other seasoned professionals. Each episode brings you into engaging, sometimes humorous, conversations designed to entertain as it teaches. Each episode in the series is designed to be viewed independently of the other episodes so that participants will enhance their knowledge of this area whether they attend one, some, or all episodes. 6
  5. 5. About This Webinar – Protecting a business from professional liability claims, as well as claims against executives and claims by employees, is a complicated endeavor. This webinar attempts to help businessowners demystify that process. It addresses professional liability insurance, and explains the risks and benefits of procuring or deciding to forego this coverage. The webinar also addresses directors and officers liability insurance, and the risks it addresses. Other management liability coverages, including employment practices liability insurance and crime and employee dishonesty policies, are all addressed. 7
  6. 6. Episodes in this Series #1: Understanding Risk Management Basics for Business Owners Premiere date: 3/24/22 #2: Property/Business Interruption and Cyber Liability Premiere date: 4/19/22 #3: General Liability, Umbrella/Excess Coverage, Commercial Auto, Workers’ Compensation Premiere date: 5/17/22 #4: Executive Protection – Directors’ & Officers’, Employment Practices Liability, Crime/Employee Dishonesty & Professional Liability Premiere date: 6/14/22 #5: Personal Lines for the Business Owner/Executive Premiere date: 7/19/22 8
  7. 7. Episode #4 Professional Liability, D&O Liability, Employment Practices Liability, and Crime/Employee Dishonesty 9
  8. 8. Types of Insurance Covered Today ✓Professional Liability ✓D&O Liability ✓Employment Practices Liability ✓Crime/Employee Dishonesty
  9. 9. Professional Liability Insurance ✓ Distinguishing Professional Liability Insurance from General Liability Insurance ✓ Common Misconceptions and Misunderstandings
  10. 10. Professional Liability Insurance ✓ Claims Made Coverage ✓ Know Your Obligations
  11. 11. Professional Liability Insurance ✓ Notice Only/Notice of Circumstances Reporting ✓ Impact on Premiums? Understanding loss history.
  12. 12. Professional Liability Insurance ✓ Suing for Your Fees – Are You Asking for a Professional Liability Claim? ✓ Treatment of Paid Fees Clawed-Back By A Customer/Client.
  13. 13. Professional Liability Insurance ✓ Intentional Acts ✓ Claim of Fraud
  14. 14. Professional Liability Insurance ✓ Cyber liability claims and professional liability claims – intermingling of issues.
  15. 15. Directors and Officers Liability Insurance ✓ Overview ✓ Side A, Side B, Side C???
  16. 16. Directors and Officers Liability Insurance ✓ Who Is Covered? ✓ Every person with the title “Director”? ✓ Every person with “VP” in their title?
  17. 17. Directors and Officers Liability Insurance ✓ Relationship to Professional Liability Policies and Claims ✓ Exclusions
  18. 18. Employment Practices Liability Insurance ✓ Overview ✓ “Management Liability” package of policies.
  19. 19. Employment Practices Liability Insurance ✓ Common Exclusions ✓ Defense Issues – Eroding Limits
  20. 20. Employment Practices Liability Insurance ✓ Variations in Employment Laws – State by State Considerations? ✓ Who is covered? ✓ Claims from persons that were not hired.
  21. 21. Employment Practices Liability Insurance ✓ Notice Issues ✓ ADA Claims – Injunctive Relief and Associated Costs
  22. 22. Crime/Employee Dishonesty Coverage ✓ Overview ✓ What Property and Whose Property is Covered?
  23. 23. Crime/Employee Dishonesty Coverage ✓ Social Engineering. ✓ IS IT COVERED?
  24. 24. Crime/Employee Dishonesty Coverage ✓ Common Exclusions ✓ Misconceptions of businessowners ✓ Treatment of Trade Secrets
  25. 25. About the Faculty 27
  26. 26. About The Faculty John Eggum – jeggum@fgppr.com | 312-863-5053 Foran Glennon Palandech Ponzi & Rudloff PC As a partner and shareholder at Foran Glennon, John concentrates his practice on insurance coverage and bad faith litigation and other commercial disputes. He has assisted insurance clients in a wide variety of first-party coverage and bad faith matters around the country, including helping clients navigate pre-suit disputes, appraisal proceedings and coverage and bad faith litigation through trial. He is a frequent speaker on issues affecting the insurance industry and the adjustment of insurance claims. 28 Chicago | Irvine | San Francisco | New York London | Denver | Las Vegas | Phoenix | Nashville
  27. 27. About The Faculty Dan Rossen, Vice President, Commercial Multi-Peril ICW Group Insurance Companies Dan Rossen is leading the development and execution of ICW Group’s newest lines of business as vice president, commercial multi-peril. He is responsible for establishing all underwriting direction, appetite and strategy for the business unit, which bundles together multiple property and casualty coverages. An industry veteran with more than 30 years of insurance experience, Rossen has a long history of experience leading the strategic direction and deployment of new product lines in various positions he has held across the industry. Prior to joining ICW Group, Rossen was a vice president at The Hartford in Chicago leading the Maxum Special Property and E&S binding business. A Chartered Property & Casualty Underwriter (CPCU) and an Associate in Reinsurance (ARe), Rossen has a Juris Doctorate from Indiana University School of Law and a Bachelor of Business Administration in finance from the University of Cincinnati. 29
  28. 28. About The Faculty Harvey Topitz, Rivers Insurance Group – htopitz@ri-gi.com Harvey is the founder and principal of Rivers Insurance Group. Harvey is a graduate of City University of New York with a Bachelor of Science degree in economics/accounting. He is a non-practicing NYS Certified Public Accountant. Harvey has more than 39 years of experience in the insurance industry, placing property casualty insurance for all industries and specializing in providing coverage for those businesses hardest to insure. He began his insurance career at Liberty Mutual, where he was awarded Top Producers designation and was a member of the prestigious Millionaires Club.At BRI Insurance Brokerage he introduced innovating programs such as an asbestos abatement contractor’s program.While with Tanenbaum Harber, now Alliant/T&H Brokers, he excelled in the hard-to-insure employee leasing industry (PEO) and the entertainment sector insuring celebrities like EMINEM and 50 Cent. Harvey founded Rivers Insurance Group in 2005. Harvey saw a void in the difficult to place coverage area for companies that were in distress or working through a Chapter 11 Reorganization. Trustees, Bankruptcy Lawyers and Turnaround professionals know that Topitz and his team at Rivers Insurance can get the coverage that most brokers run away from. He has been on the Board of Directors of the New Jersey Turnaround Management Association for almost 10 years and is known as the Go-To Insurance Guru. 30
  29. 29. Questions or Comments? If you have any questions about this webinar that you did not get to ask during the live premiere, or if you are watching this webinar On Demand, please do not hesitate to email us at info@financialpoise.com with any questions or comments you may have. Please include the name of the webinar in your email and we will do our best to provide a timely response. IMPORTANT NOTE: The material in this presentation is for general educational purposes only. It has been prepared primarily for attorneys and accountants for use in the pursuit of their continuing legal education and continuing professional education. 31
  30. 30. About Financial Poise 32 DailyDAC LLC, d/b/a Financial Poise™ provides continuing education to attorneys, accountants, business owners and executives, and investors. It’s websites, webinars, and books provide Plain English, entertaining, explanations about legal, financial, and other subjects of interest to these audiences. Visit us at www.financialpoise.com Our free weekly newsletter, Financial Poise Weekly, updates you on new articles published on our website and Upcoming Webinars you may be interested in. To join our email list, please visit: https://www.financialpoise.com/subscribe/

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