• General Liability Insurance
• Professional Liability Insurance
• Workers Compensation Insurance

General Liability Insurance

Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations.

Professional Liability Insurance

Professional liability is probably the most overlooked coverage today.  This is due to the perceived notion that it is prohibitively expensive or just unnecessary.  But do you know that General Liability covers only bodily injury and property damage?  Unfortunately, most firms do not make that realization until they are presented with a claim for financial damages due to some aspect of their operations

Generally speaking, professional liability can be broken down into three product lines:

• Directors & Officers Liability
• Errors & Omissions Liability
• Employment Practices Liability

Diversified Risk will help you understand your D&O exposure.  Whether private or public, your Directors and Officers have a personal financial exposure in running the firm.  The firm has an obligation to protect its Directors and Officers in order to retain qualified leadership.  Potential claims can come from a variety of sources.  Common areas of litigation sources are shareholders, private investors, governmental agencies, competitors, customers, consumer groups and employees.  A D&O policy will help protect your directors and officers, and in many cases your balance sheet as well.

Professional malpractice insurance, or errors and omissions ("E&O") insurance as it is commonly called, promises to pay for the policyholder's liability from the performance of professional services. The insuring agreement of a typical E&O liability policy requires the insurance company to: Pay on behalf of the insured those sums which the insured becomes legally obligated to pay as damages because of a negligent act, error or omission in the performance of the insured's professional services.   This can be for the rendering of professional services, or for the failure to render professional services.  Let DRIB work with you in determining your exposure to potential claims.
Employment Practices Liability Insurance, or EPLI, protects your employees, officers and the firm from claims of harassment, discrimination, demotion, failure to promote, failure to hire, retaliation and wrongful termination.  These claims can be based on gender, race, age, religion, or other physical or lifestyle attributes.  Not only will Diversified Risk help you with securing coverage; we will also help you develop a strong human resources loss prevention program to avoid these types of claims in the first place, when required.

Workers Compensation Insurance

If a job-related accident injures, disables, or kills an employee — regardless of who was at fault — Workers Compensation will compensate them, or their heirs, for their loss. This coverage is a form of “social insurance” designed to provide benefits to injured workers as quickly as possible, without drawn-out litigation.
Workers Comp covers employees at your place of business, during business-related travel (for example, a salesperson on the road), or in activities that promote your business (such as playing for the company softball team).

Workers Comp covers employees at your place of business, during business-related travel (for example, a salesperson on the road), or in activities that promote your business (such as playing for the company softball team).

A related policy (Employers Liability) extends coverage to third parties, such as visitors or customers, who are injured on your property, or by you or your employees away from the premises.

Benefits

Workers Compensation benefits will reimburse employees who become ill, injured, or disabled on the job for:

• Medical Expenses - with no time or dollar limit on an “open claims” basis. Loss of Income (after a waiting period) - provides the employee with a percentage of their income, up to a specified amount, for disability (permanent or temporary, partial or total). Death Benefit - pays a specific amount, usually a multiple of the employee's weekly salary. Rehabilitation pays for retraining an injured employee for another position (for example, teaching an assembly-line worker to do a desk job).
• Second Injury Fund - compensates employees whose earlier injuries make them more susceptible to another accident.