Understanding the Risks
Corporate risk management is a very important part of a comprehensive risk management and insurance program. Unfortunately, the exposure is often misunderstood and thereby goes uncovered. Companies face exposure from employees, shareholders and stakeholders for managing their business effectively. Orion has the expertise and market strength to help you prevent and address the risks with proper insurance protection.
- Crime
- Directors and Officers
- Employment Practices Liability
- Errors & Omissions
- Fiduciary
- Kidnap & Ransom
Crime
Crime policies reimburse a company for theft of property, money and securities by an employee. The coverage can also include coverage for theft by third parties that include robbery, computer fraud, and wire transfer fraud.
Directors & Officers
Companies and their directors and officers can be found liable for the decisions and mistakes they make in conducting business. Lawsuits can render the individuals involved personally liable. D&O coverage provides insurance for both the company and the directors and officers. The coverage can be designed to also protect the personal assets of the directors and officers in the event that the corporate limits were to be exhausted from a claim.
Employment Practices
Companies face tremendous exposure for the management of their human resources due to myriad state and federal laws and regulations. Employment Practices Liability Insurance (EPLI) provides protection for many allegations, including wrongful termination, discrimination, and sexual or other harassment. The policies can protect companies from claims from third parties like customers, suppliers, or independent contractors that are not your employees but may still file a claim. Orion can work with you to identify your exposure to loss and design the appropriate coverage to protect your business assets.
Errors & Omissions
Errors and omissions policies (E&O) provide defense and indemnification of claims for companies that provides advice or services. Examples of companies that need E&O insurance are architects, engineers, doctors, and real estate professionals. Orion can work with you to design the coverage that fits your business and exposures.
Fiduciary Liability
Employers face liability for the management of retirement or employee benefit plans. The exposure exists even if the company hires a third party to help in the administration of the plans. Fiduciary liability insurance provides defense and indemnification of claims that allege breach of duty of care or financial responsibility. The coverage is very inexpensive and often overlooked by companies due to a misperceived lack of exposure.
Kidnap & Ransom
K&R insurance is essential for companies that have employees traveling abroad or in dangerous areas. The coverage can provide important loss prevention services to help prevent losses from occurring. It can also provide the expert service for companies to negotiate with kidnappers and pay the ransom necessary to bring them home safely. The policies can include coverage for extortion, personal accident, products extortion, and loss of earnings.