Additional Insurance Plans
Directors and Officers Liability Insurance
This insurance, commonly called D & O Insurance is a liability policy that covers damages or defense costs in the event that your managers and board members suffer losses as a result of a law suit for alleged wrongful acts while acting in their capacity as directors and officers for your organization. D&O liability insurance can be written to cover the directors and officers of for-profit businesses, privately held firms, not-for-profit organizations, and educational institutions. In effect, the policies function as "management errors and omissions liability insurance," covering claims resulting from managerial decisions that have adverse financial consequences.
Cost: Annual premiums would range from $375-$800 based on the annual revenues the club generates and the state that the club is located in.
EPL (Employee Benefits Liability)
A type of liability insurance covering wrongful acts arising from the employment process. The most frequent types of claims covered under such policies include: wrongful termination, discrimination, sexual harassment, and retaliation. In addition, the policies cover claims from a variety of other types of inappropriate workplace conduct, including (but not limited to) employment-related: defamation, invasion of privacy, failure to promote, deprivation of a career opportunity, and negligent evaluation. The policies cover directors and officers, management personnel, and employees as insureds.
Cost: Annual premiums would range from $325-$725 based on the state your club is located in. Most states are in the $350 range.
Those having anything to do with pension, savings, profit-sharing, employee benefit, and health/welfare plans are liable to the beneficiaries for any breach of their fiduciary duties. There has always been potential liability for various officers of an organization as well as other persons acting in some capacity relating to an employer's pension, savings, profit-sharing, employee benefit, and health and welfare plans. Specifically, those persons employed by organizations to design and administer such pension and employee benefit plans, including the management of the assets and liabilities of the plans, are liable to the plan beneficiaries for any breach of these fiduciary duties.
Cost: Annual premiums would range from $400-$550 based on plan assets.
If you would like to receive a quote or more information email the completed Insurance Form to Stephanie@louisvilleins.com