Focused on the day-to-day risk exposures faced by smaller enterprises rather than those of publicly traded companies which management liability products typically target, CFC’s new solution includes a number of new coverages, many of which are non-standard in the Canadian market.
Management liability can be a tricky product to sell to smaller enterprises. Policies are usually full of technical jargon and tend to be designed with larger businesses in mind, so it’s hard for brokers to make them easily relatable to their SME clients. With clear, simple language, our new modular product encompasses the typical exposures that the board and senior managers of an SME actually face, meaning they can pick and choose the cover that suits their business and only buy what they need. Rob Page, CFC’s North American Management Liability Team Leader
Brand new coverages provided under CFC’s management liability solution include:
· Executive reputation protection including adverse events that cause damage to the reputation, standing or status of senior executives. It includes access to leading PR experts in Canada and data security experts to remove damaging content published online.
· Cyber coverage specially designed to address a broad range of risks facing senior executive officers and board of directors in a personal capacity. This includes personal financial loss including social engineering attacks that lead to the transfer of personal funds.
· Broad employment practices liability including third party cover, breaches of wage and hour duty, immigration investigation costs and costs as a result of a workplace violence incident.
· Comprehensive crime including company crime such as employee theft, funds transfer fraud, credit card and currency fraud, client crime and both on and off premises theft. In another first for CFC, standalone crime cover is also available.
“This is the solution that our broker partners have been crying out for,” added Page. “Our innovative new product provides our broker partners with a management liability solution that they can tailor to an individual SME’s needs, while our supporting sales tools are designed to help them demonstrate the very real need for this valuable cover.”
Read more about CFC’s new management liability solution for Canadian SMEs here.
