Introducing Management Liability for Small Business

 
NAS is now accepting submissions for Employment Practices Liability, Directors & Officers Liability, and Fiduciary Liability as part of our newly developed Management Liability product.  
 
Management Liability is the 3-in1 solution for businesses with up to 50 employees. In addition to our leading-edge coverage, your clients will have access to NAS eManager, a risk management service that provides unlimited expert phone support and online resources such as customized employee handbooks, training modules, and state specific employment regulations. NAS-eManager is available to both EPLI and D&O policyholders.
 
For more information on Management Liability, click here.
 
 
RECENTLY WRITTEN ACCOUNTS
 
Type of Risk: Engineering Firm in NJ
This account was non-renewed by their previous carrier due to claims activity as there was a severe loss with payments over 150k.  NAS was able to underwrite the account and the claims information and provide a competitive quote to help the broker retain the account.
 
Type of Risk: Life Science Start-Up
As this insured had a lapse in D&O coverage, the incumbent didn’t want to entertain the risk due to financial condition. However, NAS was able to review the funding plans and the interim financials and provide a quote.   Terms were quoted around $7,500 for a 1MM Limit.
 
Type of Risk: Retailer in Southern California
This retailer had a change in control and the incumbent carrier would not waive the takeover provision on the EPL policy.  NAS was able to offer terms with full prior acts coverage and an updated prior and pending litigation date since the acquisition was made by a long time employee of the company.   Broker was successful in retaining the risk.
 
CLAIMS HIGHLIGHT
 
EPLI
A multi-count suit was filed against a farming and harvesting operation (Insured) by a former employee. The former employee alleged that he was the victim of sexual harassment, sexual assault, retaliation, and assault and battery by his direct supervisor over a period of eight months. He asserts that in addition to demanding that his supervisor cease such actions, he also logged several complaints to management. He claims that no action was taken to stop the harassment or intimidation. Fearful and intimidated, the former employee felt he had no option but to leave his position with the company. The employee was awarded a judgment on all counts of $350,000. The Insured also had to pay an additional $176,422 in legal fees.
 
 
D&O
Directors and officers received a notice from a competitor company, alleging misappropriation of trade secrets and violation of employees non-compete.  This was due to the Insured hiring a sales executive from the competitor. Total costs incurred were over $250K.
 
 
NAS EMPLOYEE SPOTLIGHT:
MICHAEL KINSLEY
 
Meet Michael Kinsley! Michael has over 10 years of experience underwriting Management Liability Insurance products. Mike joined NAS in January 2018, moving from the East Coast to sunny California. We are excited to have him on board as AVP, National Product Manager for Management Liability.  
 
 
MANAGEMENT LIABILITY FOR SMALL BUSINESS WEBINAR
 
While high-profile scandals make headlines, it’s important to remember that all organizations have EPLI risk. Could a business with under 50 employees survive an EPLI claim? 
 
Michael Kinsley, AVP-Management Liability, will be leading the discussion on this robust policy and go over our risk management online support system that could help business avoid costly claims.
 
Click here to register for the webinar today.
 
 
NAS ONLINE
 
Employment Practices Liability is available on NAS Online. For a broad coverage form with limits up to $1,000,000, log onto NAS Online and start quoting today!

February, 2019