A simple overview of common policies a business will carry. This is not a comprehensive list.

General Liability (GL)

A GL policy covers negligence, errors & omissions, bodily injury, and property damage related to your premises and services. A GL policy typically does NOT cover your professional liability (i.e. services delivered to your clients).

Business Owner’s Policy (BOP)

A BOP is a comprehensive policy that may include GL, automotive, and property coverage. It is designed to provide smaller businesses with a simpler policy that covers the majority of their needs.

Professional Liability (PL)

Covers delivery of your services such as wealth management, medical care, or lawyers and CPAs. For professional services firms, this is the most important policy for your business. Most PL policies are very specific to the industry, and will include both coverages and exclusions related to the services being provided.

Cyber Liability

Covers common cyberattacks such as ransomware attacks and business email compromise (BEC). May also include cover for multimedia losses such as slander/libel and intellectual property (IP) infringement. May include limited ($250k or less) of financial coverages. If your company provides technical services, such as a managed services (security) provider (MSP/MSSP), a cyber policy does NOT cover the services you deliver to clients.

Employment Practices

Covers wrongful acts arising during the employment process such as discrimination, wrongful termination, and sexual harassment.

Management Liability / Directors & Officers (D&O)

This policy covers directors & officers of the company against claims, most often by investors, alleging financial loss arising from management decisions or mistakes.

Standalone CISO Professional Liability

A chief information security officer (CISO)’s responsibilities often fall into a policy gap between cyber and D&O policies. A standalone CISO policy ensures full coverage of the management of a business’ information security.

Fiduciary Liability

Covers administration of employee benefits programs and the responsibility on employers, fiduciaries, professional administrators, and the plan itself.

Crime/Employee Dishonesty

A policy that provides for fraud, employee theft and other financial losses.