Executive Liability Insurance
Innova Risk Management provides six distinct kinds of Executive Liability Insurance policies to ensure professional and personal assets are secure from unnecessary risk:
Directors and Officers (D&O) Insurance
Directors and Officers Liability Insurance coverage is a critical part of managing the insurance programs for condominiums and co-op boards and private or publicly traded company as these professionals have legal responsibility to shareholders, investors, employees and many others. Innova will carefully analyze the specific needs of our client's situation and recommend a match of D&O insurance that would remain beneficial and mitigate as much risk as possible.
Employment Practices Liability Insurance (EPL)
EPL insurance provides the necessary protection for an employer against claims made by employees, former employees and even potential employees. As cases against employers rise in this growing litigious environment, EPL insurance covers discrimination (age, gender, race, disability, etc.), wrongful termination of employment, sexual harassment and other employment-related allegations. These kinds of lawsuits can happen to any business or organization, and even if fraudulent or groundless, the fees of a defense can be financial and resources drain on the company.
Fiduciary Liability Insurance
It is important to understand that Fiduciary Liability coverage is not included in a D&O policy and often exclude exposures pertaining to the Employee Retirement Income Security Act (ERISA). Fiduciaries may be held personally liable for any breach of responsibility, and therefore, their personal assets need to be appropriately protected with this additional, yet critical insurance coverage.
Special Purpose Acquisition Corporations (SPAC) Public Company D&O
Most Director and Officer (D&O) policies written for public companies only cover the operating company at its foundation and do not have special provisions specific for a SPAC. Therefore, this enhanced form of coverage is an important component for entities entering into a reverse merger or straight-forward acquisition.
Lawyers' Professional Liability Insurance
Law firms can be especially susceptible to allegations of actual or alleged errors during the course of their practice. Understanding the risk and cost of litigation, it is important to obtain this unique errors and omissions (E&O) insurance to protect the assets of the firm and the individual attorney.
Professional Liability Insurance
Professional Liability Insurance is a specific kind of coverage that protects an individual from allegations of errors or omissions, misleading communication, negligence, but most specifically to any failure to complete or render the services.