Corporate and Individual Asset Protection Consulting Services
Get corporate and individual asset protection consulting services from CBIZ. CBIZ has a dedicated Executive and Financial Protection practice to serve the unique and highly complex needs of our clients. Our consulting services focus on analyzing and identifying your specific needs and then developing tailored solutions to protect the corporate and individual/personal assets of clients - individuals, businesses and organizations of all sizes and across all industries segments. We specialize in protecting individuals and their companies against a wide-variety of executive, management and other professional liability exposures/risks. Our specialized corporate and individual asset protection consulting services includes:
Corporate and Individual Asset Protection Consulting Services: Directors & Officers Liability (Public, Private and Non-Profit Entities)
Directors & Officers Liability (D&O) insurance is a fundamental corporate and individual asset protection consulting service offered by CBIZ. Directors & Officers Liability (D&O) insurance provides coverage to officers and board members for damages (settlements or awards) and defense costs that arise from lawsuits alleging various wrongful acts. Get corporate and individual asset protection consulting services for D&O insurance including:
- Actual or alleged management errors or omissions
- Any misrepresentation, misleading statement or misleading action
- Neglect or breach of duties by the individual directors and officers
Corporate and Individual Asset Consulting Services Provide Important Protection
CBIZ’ corporate and individual asset protection consulting services prepare your team for any eventuality. Executives (including board members) are obligated to act in good faith and in the best interest of the company. They can be held personally and individually responsible for their action or in action in their capacity as directors & officers. CBIZ’ corporate and individual asset protection services consultants educate your employees about their liabilities and how they are susceptible to lawsuits alleging, among other things:
- Inaccurate, misleading or inadequate disclosure of financial information
- Wrongful employee termination
- Decisions regarding mergers or acquisitions
- Discriminatory practices and/or harassment
- Breach of duty
- Business interference
- Deceptive trade practices or anti-trust actions
- Mismanagement of funds
- Conflicts of interest
- Unjust compensation/enrichment
D&O claims can come from a variety of sources including but not limited to customers, clients, consumers, competitors, suppliers, governmental & regulatory agencies, employees and shareholders.
Corporate and Individual Asset Consulting Services: Employment Practices Liability
Employee Practices Liability is a vital component of CBIZ’ corporate and individual asset protection consulting services. Employees today know more about their rights and have a heightened awareness of employment practice issues/concerns. We also live in a more litigious environment, which has driven up both the cost of defending yourself in the event of a suit as well as the potential awards and damages awarded by juries. It is also more difficult today to keep abreast of and react to the ever-changing regulatory environment that can invariably result in employee or governmental complaints and lawsuits. The corporate and individual asset protection services consultants at CBIZ work closely with you to understand and adhere to appropriate laws and regulations.
Understanding Your Rights with Corporate and Individual Asset Consulting Services from CBIZ
CBIZ’ corporate and individual asset protection services consultants can help you through the maze of employer and employee legalities. Recent developments include the passage of laws such as The Civil Rights Act of 1991, The Americans with Disability Acts, The Family Medical Leave Act, and The Age Discrimination in Employment Act. The new and ever-changing exposures along with existing employment laws coupled with recent economic and business uncertainty has resulted in record levels of claims, both in terms of frequency and severity. Employment Practices Liability (EPL) insurance protects your company by insuring the company, directors, officers and employees for actual or alleged employment wrongful acts. EPL coverages provided by CBIZ’ corporate and individual asset protection consulting services include:
- Wrongful termination (actual and constructive)
- Discrimination (including that due to race, age or gender)
- Sexual harassment (and workplace harassment)
- Failure to hire or promote
- Failure to enforce adequate workplace policies and procedures
As a result of the new and increased exposures to loss from Employment Practices, every company needs corporate and individual asset protection consulting services for EPL insurance to protect them from this potentially catastrophic risk.
Fiduciary Liability: The Cornerstone of CBIZ’ Corporate and Individual Asset Consulting Services
Corporate and individual asset protection consulting services from CBIZ focus on your fiduciary liability. As a result of the Employment Retirement Income Security Act of 1974 (ERISA), benefit plan sponsors and their trustees/fiduciaries are personally liable for losses to the company's benefit plans in the event there was a breach of their fiduciary duties. Even an administrative error or omission on the part of the fiduciaries of an employee benefit plan can result in a lawsuit (requiring significant attorney's fees) and ultimate judgment against the plan trustees personally. The costs of defense to individuals can be staggering however, today more than ever the cost of coverage is reasonable given the economic climate and increased claim activity. CBIZ corporate and individual asset protection services consultants can help you fin the right mix of coverage for your business.
CBIZ’ Corporate and Individual Asset Consulting Services Focus on 401(k) Responsibilities
CBIZ corporate and individual asset protection professional services consultants understand the ins and outs of retirement planning for your employees. A common misconception is that if you sponsor a 404(c) plan [commonly referred to as a participant directed 401(k)], you will eliminate your personal liability. It is true that you may mitigate your personal liability. However, you are still responsible for the selection of plan providers and more as well as monitoring and evaluating their results. Therefore, plan trustees and/or fiduciaries will be held personally liable for their decision to "outsource" their selection of a particular firm, and any claims arising from that firm's activities on behalf of the company. CBIZ corporate and individual asset protection services consultants provide fiduciary liability insurance designed to protect both the company and the company's individual trustees/fiduciaries by providing coverage for the following:
- Actual or alleged ERISA violations
- Breach of ERISA fiduciary duties
- Negligent administration of benefit plans
- Administrative errors & omissions
- Terminated, sold or merged plans
- Civil penalties for inadvertent violation of key ERISA sections
- COBRA or HIPPA obligations
CBIZ’ Corporate and Individual Asset Consulting Services: Errors & Omissions
CBIZ corporate and individual asset protection services consultants have extensive experience securing coverage for traditional and non-traditional Errors & Omissions exposures for companies of all types and sizes. Some of the more common include:
- Architects & Engineers
- Technology/IT Companies
- Defense Contractors
- Financial Firms
There are also many other professions where errors and omissions from failing to provide a service or services can result in liability with potentially significant defense costs, settlements or court awards. Miscellaneous Professional Liability (MPL) and Professional Errors & Omissions are used interchangeably to describe the coverage available to cover these risks. The coverage is generally written to cover costs and damages resulting from claims alleging the failure to provide the professional services where a fee has been charged for the service. CBIZ corporate and individual asset protection services consultants know that not all policies are alike; they tailor each policy to meet the specific needs of each and every insured.
Employee Dishonesty: An Important Component of CBIZ’ Corporate and Individual Asset Consulting Services
CBIZ corporate and individual asset protection services consultants understand the risks facing your business today. In our technologically advanced business environment, businesses are able to perform their operations more quickly, easily and effectively. Each day brings new opportunities and developments that make doing business more efficient, but with highly developed technology comes complex exposure - exposure to a new set of risks that can threaten your company's financial and non-financial assets. With more employees becoming technically advanced, your company's assets are exposed now more than ever to both employee and non-employee dishonest acts.
Commercial Crime Insurance from CBIZ corporate and individual asset protection consulting services protects your company from losses of money, securities and property other than money and securities caused by perils such as employee theft, fraud, computer fraud, burglary and robbery. Coverage for the ERISA mandated employee dishonesty bond could also be added to your corporate crime policy. In order to respond to these ever-changing times, CBIZ corporate and individual asset protection services consultants provide you with a crime program designed for your specific industry or business exposures.
CBIZ’ Corporate and Individual Asset Consulting Services: Media Liability
Media Liability Insurance from CBIZ corporate and individual asset protection consulting services helps protect the insured against claims rising out of the gathering and communication of information and is critical to any media organization. There are a variety of claims that can be asserted against the media, for example - Copyright Infringement where a party used the work of another without its express written permission, authorization or consent or a violation of Section 501 of the United States Copyright, Title 17 of the United States Code by infringing on the rights afforded under Sections 106(1), 106(2) and 106(3) of the Statute. Copyright infringement can also for example, be unlicensed or unauthorized copying of copyrighted materials or proprietary software. The size of jury verdicts are constantly on the rise! According to data released by the Libel Defense Resource Center, the average trial award since 2000 is up to $3.4 million. By comparison, the average award in the 1990s was $2.6 million. Prepare yourself for any eventuality with CBIZ corporate and individual asset protection consulting services.
Kidnap & Ransom Insurance from CBIZ’ Corporate and Individual Asset Consulting Services
The only way to protect your company and employees from the financial and physical threat of kidnapping is to purchase kidnap, ransom and extortion (KR/E) coverage from CBIZ corporate and individual asset protection consulting services. Kidnapping, ransom and extortion is a concern for business executives and travelers both inside and outside the United States. Political groups, terrorists and enterprising criminal organizations are not only targeting large multi-national companies, but also smaller, domestic firms. You may think it couldn't happen to you or your company, but anyone can be a victim of kidnapping (or detention). Also, as the political climate changes, the threat and potential of kidnappings and/or extortion increase dramatically. Typically this coverage pays for ransom demands and other related expenses of a kidnapping or extortion on a worldwide basis. Additionally, most carriers represented by CBIZ corporate and individual asset protection offer 24-7 worldwide assistance and consulting services in the event of a kidnapping. Some of the more common KR/E policy features are as follows:
- Ransom demand for a kidnapping
- Bodily injury extortion
- Expenses related to a covered event
- Legal obligations related to a covered event
- Accidental death and dismemberment
- Computer system "extortion"
M&A, International and Tax Insurance Designed by CBIZ’ Corporate and Individual Asset Consulting Services
Consulting services from CBIZ corporate and individual asset protection Executive & Financial Protection Practice has the expertise you need to get appropriate insurance coverage. We have all of the necessary relationships with both domestic providers and international intermediaries in the areas of Mergers & Acquisitions, International exposures and Tax Insurance to meet all your insurance and risk transfer needs. Our corporate and individual asset protection services’ holistic and consultative approach enables us to specifically tailor comprehensive executive protection programs to satisfy the insurance needs and obligations of each of our valued clients.