This document discusses various types of commercial insurance policies that organizations should consider, including commercial auto, general liability, workers' compensation, umbrella liability, fidelity bonds, professional liability, cyber liability, employment practices liability, foreign liability insurance. It provides examples of claim scenarios and discusses which policies would cover different losses. The presentation aims to explain why organizations buy insurance, the key types of insurance coverage, and claims scenarios to illustrate how different policies would respond.

1. Insurance 101:
What Insurance to Require, Why &
How Much?
Hank Clement

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Why Do Organizations Buy Insurance?
• Legally required
• Have an asset they want to protect
• Contractually obligated

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Commercial Auto Insurance
What is it?
How does it protect you?

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General Liability
What is it?
How does it protect you?

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Workers’ Compensation & Employer’s Liability
What is it?

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Umbrella Liability
What is it?
General
Liability
Employer's
Liability
Auto
Liability
Foreign
Liability

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Fidelity Bond
What does it cover?
What is third party or
client coverage?

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Professional Liability / Errors & Omissions Liability
What does it cover?

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Privacy & Network Security “Cyber”
Is my organization protected?

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Employment Practices Liability

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Foreign Insurance

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Claim Scenarios
A supervisor decides to go to a casino one afternoon during the
workday. He realizes he is unable to drive, so he calls one of his
employees to pick him up. On the ride home, they get into a serious car
accident and the other driver’s family sues the company where the
employees worked?
Was this covered under a commercial insurance policy?
If so, what line of coverage?

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Claim Scenarios
A temporary staffing employee follows his client’s instructions on how to
operate the machine, which catches on fire and burns down the entire
building causing a $3 million loss.
Who is responsible for the loss?
The Client
The Temporary Staffing Firm
What insurance policy could payout the claim?
The Client’s General Liability Policy
The Client’s Property Policy

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Claim Scenarios
An employee working on a client site clicks on a ransomware email that
shuts down the network for forty-eight hours and the client suffers a $2
million of lost revenue?
Is this covered by the consultant’s Cyber or E&O policy?

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Non-Owned Auto Liability
Coverage?

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Certificate of Insurance

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Hank Clement, Managing Director
Altus Partners, Inc.
hclement@altuspartners.com
www.altuspartners.com
Questions?