The CCBsure® insurance program has earned national recognition for its expertise in developing custom insurance solutions for technologyand staffing businesses of all sizes. From one-person start-ups to multi-million dollar information technology companies, we can design a plan of commercial insurance that will fit your needs.
Coverage options include:
General Liability Insurance for Business
General Liability coverage protects businesses against claims of bodily injury or property damage to others. Commercial General Liability does not provide coverage for programming errors, contract performance disputes or any other Professional Liability issues. Technology consultants and companies who have General Liability without Professional Liability (Errors or Omissions) coverage are taking a serious risk. Even so, some contracts youmayl encounter will only require General Liability coverage.
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Commercial Property
Combined with Commercial General Liability in what is known as the CCBsure® "package", coverage is provided for property, including computer equipment, owned by a company at limits stated in the policy.
Why a business may need this coverage:
Today, businesses need far more than the standard "Business Owners Policy". Coverage for incidents of bodily injury, property damage, and personal injury has been designed according to the needs of technology businesses, with extra protection built in for items such as laptops, whether in the office, on the road, or at trade shows. Property damage is the most frequently occurring type of General Liability claim. CCBsure® pays out, on average, nearly $25,000 for every loss of this type.
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Professional Liability (Errors or Omissions, E&O)
Professional Liability will protect businesses from claims of financial loss resulting from programming errors, software performance failure or the failure of the work, schedule, etc. to perform as was initially agreed upon in a contract with the client. This coverage is the cornerstone of the CCBsure® program and is increasingly being required by companies who outsource their information technology needs.
Why a business may need this coverage::
While Professional Liability claims represent only 4% of the number of claims received by CCBsure®, they represent nearly 50% of the dollars paid out. It is the most essential coverage that any technology business can carry, as General Liability leaves a company's largest exposures uncovered.
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Workers’ Compensation
Workers' Compensation covers the medical expenses and lost income of employees if they are hurt in the course of doing work-related activities. It is important for technology companies to have a single Workers' Compensation policy that is accepted in all states. The only exceptions to this are the states of ND, OH, WA and WV. These states are called Monopolistic States and their laws require that Workers' Compensation insurance be purchased directly from their respective state funds.
Why a business may need this coverage:
Most states require that employers provide Workers’ Compensation coverage for their employees. Repetitive motion injuries and car accidents are the most frequently occurring losses associated with the work of technology businesses. While ergonomic improvements and MVA background checks can reduce the risk of these injuries, the proper insurance coverage is needed to protect businesses from costly medical expenses.
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First & Third Party Fidelity Bonds
Also known as Commercial Crime coverage, Fidelity Bonds protect companies from theft by employees at their place of business. Because the nature of technology work often takes employees offsite, Third Party Fidelity extends this coverage to include theft of the property of others, by a company's employees, at locations other than their place of business.
Why a business may need this coverage:
These bonds protect the employer against dishonest or fraudulent acts committed by an employee, including but not limited to embezzlement, fraud, or theft of money.
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Employment Practices Liability
Employment Practices Liability, also referred to as EPLI, provides protection for businesses against allegations of sexual harassment, discrimination, failure to promote, wrongful termination and other employment-related liability issues. The fast-paced, highly mobile technology workplace requires this type of protection, not only to protect businesses from client allegations, but also to provide protection for employee claims of this nature. EPLI is available for an additional premium in the CCBsure® program.
Why a business may need this coverage:
The average employment related claim paid by CCBsure® is more than $61,000. As corporate restructuring and layoffs become more of a reality, businesses demands protection against employment related lawsuits.
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Directors & Officers Liability
Directors & Officers Liability also referred to as "D&O" coverage, provides financial protection for the directors and officers of a company in the event they are sued in conjunction with the performance of their duties as they relate to the company. Coverage is not provided for the company itself in this circumstance, rather, the directors and officers' personal assets are covered. As technology companies continue to grow, management must continue to make decisions that will impact their employees, customers, fellow directors, officers, and investors. Protecting the personal assets of the directors and officers as they make these decisions is essential.
Why a business may need this coverage:
Just because a technology business is not publicly traded, the executives are not insulated from potential lawsuits initiated by employees, stockholders or other directors/officers. For example, if a board member makes a decision that is later determined to have a negative impact on a company’s profitability, their personal assets may be the target of employee litigation. D&O provides the coverage the decision makers need to perform their job duties without worry.
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Employee Benefits & Fiduciary Liability
Fiduciary Liability protects the employer against claims by employees or former employees resulting from negligent acts or omissions in the administration of the company's employee benefits programs. Employee Benefits Liability covers the same exposures resulting from a clerical error in the administration of the company's employee benefits. The term "employee benefits programs" is defined to include group life insurance and group accident and/or health insurance; profit sharing plans; employee stock subscription plans; and Workers' Compensation, unemployment insurance, social security benefits, disability benefits, etc.
Why a business may need this coverage:
Employee Benefits: This coverage is designed to pay those sums that a company may be legally obligated to pay as damages due to the loss sustained by any employees or former employees, or by their estate, heirs, legal representatives, beneficiaries or assigns of such person, arising out of any act, error or omission that occurs in the 'Administration' of the company's 'Employee Benefits Program.'
Fiduciary Liability: The Fiduciary Liability component of this coverage protects welfare and pension plans, the sponsor organization, and individuals acting as fiduciaries or administrators of the plans. The policy covers liability arising out of violations of any of the responsibilities, obligations, or duties imposed upon fiduciaries by ERISA. In addition, coverage is also included for any liability arising out of such activities as:
- Counseling employees with respect to welfare and pension plans
- Providing interpretations of the plans
- Handling records or administering enrollment
- Termination or cancellation of employees under the plans
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For more information on the many Commercial Insurance policies available from
CCBsure®, please contact Estelle Cummings at 410 901.0730 or via email by clicking here.
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ISG International | 204 Cedar Street | Cambridge, MD 21613 | (800) 336-5659 | (410) 228-6464 | (410) 228-7645 fax
