In today’s increasingly complex marketplace, management teams are more vulnerable than ever to lawsuits and claims. We offer a wide array of Management Liability products because we understand that company and personal assets need to be protected from potentially devastating losses.
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At Allied World, management liability is our specialty. We know the challenges and the protection that is necessary and specific to your clients’ industry. In today’s challenging business environment, management decisions made today can come back and haunt your clients in the future. Heightened scrutiny from customers, regulators, investors/donors, shareholders, employees and other stakeholders leaves little room for error. Of all the decisions a management team can make, perhaps the most far-reaching centers around making sure that they have comprehensive management liability protection from a trusted and secure provider.
Businesses generally tend to underestimate the cost of dealing with employment-related charges. In addition to the cost of defending such claims, the financial consequences of employment-related losses can be devastating. Allied World’s Employment Practices Liability (EPL) coverage provides protection for an employer and its employees against claims made by current, former or prospective employees for discrimination (age, race, sex, disability, wage, etc.), wrongful termination, sexual harassment, retaliation and other employment-related allegations.
Wage and hour disputes impact companies of all sizes, and continue to garner media attention due to their frequency of occurrence and the costs associated with them. United States employment laws require strict compliance, including the correct classification of employees and accurate payment of wages. Employees who bring actions against their employers and win can recover double the actual damages, plus attorneys’ fees.
Employment Practices Liability (EPL) policies do not provide protection for Wage and Hour claims. Allied World is one of only a few carriers that offer Wage and Hour Liability Insurance for both defense costs and indemnity on a dedicated basis. This coverage is available on both a Primary and Excess basis and can be blended into a traditional EPL policy.
Companies and individuals involved with sponsoring, administering or managing pension, savings, profit-sharing, employee benefit and health/welfare plans may be liable to the participants and beneficiaries for any breach of their fiduciary duties. In fact, the designated fiduciaries are not the only target of lawsuits; plan designers, administrators, asset managers, employers and the plan itself can all be liable. Furthermore, fiduciaries can also be held liable for the acts, errors and omissions of third parties who provide administrative and related services.
Our fiduciary liability coverage protects assets and covers the cost to defend against allegations of fiduciary misconduct, improper advice or disclosure, imprudent investments, breach of ERISA-imposed responsibilities, conflict of interest and negligence in the administration of a plan.
Allied World’s Bermuda team can address the intricate management and professional liability needs of Financial Institutions with blended coverage options.