Business Owners Beware

Posted on December 10, 2010. Filed under: Commercial | Tags: , , , , , |

Did you know that your General Liability policy may contain known-loss and late-notice provisions? These provisions and your failure to act promptly may cause your insurance company to deny your claims. If any occurrence which may result in a claim is not reported promptly to your insurance company your insurer may deny your claim.

Additionally, a Commercial General Liability (CGL) policy may not cover all exposures, damages, claims and suits arising from the actions of its individual officers. A Directors & Officers (D&O) policy typically covers “wrongful acts” by individuals with the capacity to make decisions on behalf of an entity. For those acts that may be excluded from a D&O policy, other professional liability coverage may be needed.

Check with your agent to ensure you have the necessary protection for your company. Or, give us a call. It’s a great time to look into both General Liability and Directors & Officers coverage. We are located in Austin and licensed in Texas.

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