2014 Business Insurance PlanningJanuary 28, 2014
Do You Need Replacement Cost Coverage?February 19, 2014
We live in world where lawsuits are common. Private firms in Denver are no longer immune from litigation from employees, competitors and even the government. Denver professional liability insurance is not just good business; it is as necessary as heat and lighting for your office. Statutes, federal and state laws change on a regular basis, so it is vital that your company protect its assets with Denver professional liability insurance.
Issues to Consider
- General Liability Insurance does not cover the risks of Employment Liability, Professional Liability, and Directors and Officers Liability. You need a separate insurance policy to cover these risks.
- Defense costs are going up at a rapid rate. Insurance can provide needed defense coverage, even if you are not liable.
- Company owners can be held personally liable for their actions as well as the actions of other managers or executives.
- The cost of the average Directors and Officers lawsuit is over $600,000 according to Chubb Insurance Company. 38% of these claims involve employment issues.
- 25% of private firms had some sort of employment issue that could not be resolved without legal counsel involvement. The average defense costs are $250 per hour.
- Many firms fail to purchase Cyber Insurance. However, the average cost of each compromised record is around $175.00. Most states have laws requiring notification if you have had an incident.
The best thing you can do is call our office and have us provide you with a risk review including coverage options. Once you have had a chance to review coverage and pricing, then you can make an informed decision.
To expedite this process, please select the appropriate application, complete and submit. Upon receiving we will “shop the market” to find the best value.