CYBER RISKS
EMPLOYEE INJURIES
EMPLOYMENT PRACTICES
EQUIPMENT FAILURES
ERRORS AND OMISSIONS
EVOLVING WORKFORCE DYNAMICS
GOING GLOBAL
LARGE LOSSES
MOBILE EQUIPMENT
WEATHER AND UNEXPECTED EVENTS
THIRD-PARTY RISKS
VEHICLE ACCIDENTS
VISITOR INJURIES
SEE THE RISKS
Weather and Unexpected Events
Visitor Injuries
Vehicle Accidents
Third-Party Risks
Mobile Equipment
Large Losses
Going Global
Evolving Workforce Dynamics
Errors and Omissions
Equipment Failures
Employment Practices
Employee Injuries
Cyber Risks
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For any organization, one paralyzing data breach is all it takes to impact customer privacy and impede a company’s ability to function. A network glitch, a lost laptop – or even the act of storing sensitive data at an off-site warehouse – can leave your business vulnerable.
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THE SCENARIO >
A company stored its customers’ information on a third-party cloud computing platform that suffered a major data breach. As the data owner, the company managed the impact to its customers. As a result, Attorneys General in several states began a regulatory investigation to determine if the company responded in accordance with various state laws.
Travelers CyberRisk provides coverage solutions for forensic investigations, litigation expenses, regulatory defense expenses/fines, crisis management expenses, business interruption and cyber extortion. And protection doesn’t end after a breach, with Betterment coverage that provides for costs to improve a computer system after a security breach, when the improvements are recommended to eliminate vulnerabilities that could lead to a similar breach.
*Available through Travelers Bond & Specialty Insurance
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NEXT RISK: Employee Injuries >
Creating a culture of safety in your workplace can be the first step in reducing employee injuries. Travelers can help you minimize work-related injuries and help injured employees return to work.
A surveyor suffers a debilitating back injury while continually lifting and transferring equipment from location to location. Unable to return to work during recovery, the employee files a workers compensation claim.
Lifting injuries, slips, trips and falls, repetitive motion injuries – the list of job hazards can be numerous. As the No. 1 writer of Workers Compensation policies in the U.S.,¹ Travelers provides essential coverage and services, including MyTravelers® for Injured Employees and ConciergeCLAIM® Nurse.
¹2018, National Association of Insurance Commissioners (NAIC) Property/Casualty Market Share report
NEXT RISK: Employment Practices >
With workforce dynamics continually changing, employment-related claims impact organizations of every size and in every industry. Claims can disrupt businesses, hurt employee morale, damage reputations and cost businesses financially ... even before going to court.
A long-term employee is informed they are being promoted. Prior to transitioning into the new role, their manager resigns. The new manager refuses to promote the employee, hiring a younger staff member instead. The employee secures legal counsel and demands a large settlement for age discrimination.
While it’s not always easy to anticipate what can trigger an employment claim, it’s important to have the right protection in place. Whether brought by an employee or a government regulator, an employment-related claim can cost a business financially and operationally. Travelers Employment Practices Liability coverage can provide your business with financial protection for defense and other covered expenses, a dedicated claim professional to help navigate an often complex claim and a local outside attorney.
NEXT RISK: Equipment Failures >
Your business depends on your equipment functioning properly. The cost to repair or replace it can result in lost income, missed deadlines and disappointed clients.
During the height of tax season, an accounting firm’s desktop computers are destroyed when an unexpected electrical storm causes a power surge.
Today’s equipment can be outfitted with highly sensitive components that make it more susceptible to failure. Equipment Breakdown insurance can provide critical protection for loss stemming from sudden malfunctions, including the repair or replacement of damaged equipment, lost revenue and costs to lease temporary replacements.
NEXT RISK: Errors and Omissions >
As a professional operating in today’s increasingly litigious environment, you could be subject to allegations by unhappy clients who feel they’ve been financially harmed by your actions or inactions. Your business’s financial security can depend on being well-protected.
A store retains a marketing consultant to assist in creating a new website and annual sales ads by a specific date. The consultant completes the materials, but fails to send out the email announcing the new website and sale in a timely fashion. The store owner sends a demand letter for reimbursement of lost business.
Regardless of how well you plan, the potential for mistakes in the performance of a professional service is still very real. Travelers Miscellaneous Professional Liability coverage offers protection for an array of emerging exposures and for losses resulting from negligence or errors and omissions in the performance of professional services. Coverage is designed for a wide range of professionals – consultants, executive recruiters, graphic designers, translators and many others.
NEXT RISK: Evolving Workforce Dynamics >
Attracting and retaining talent coincides with maintaining effective strategies around employee safety, health and engagement. Taking a proactive approach to cultivating and caring for your workforce doesn’t need to be overwhelming.
Shortly after moving to a larger space, several employees of an architectural firm realize they’ve been experiencing similar neck and shoulder pain. They conclude it may be due to the configuration of their new workstations.
Travelers Workforce Advantage is an approach that can help your firm better support and manage safety in the workplace, potentially resulting in fewer employee injuries. It can start with identifying and recognizing ergonomic risks and continue with developing strategies to reduce the potential for injuries. We have unique tools and resources that help manage risks by focusing on employees – from recruitment to retirement.
NEXT RISK: Going Global >
Whether you’re tapping into global markets or traveling abroad for trade shows, it’s important to consider business insurance coverage that’s consistent with U.S. standards.
Shortly after arriving in Paris for a conference, the employee of an engineering firm is involved in a car accident with another vehicle. Both drivers are injured, and the cars sustain damage. The firm’s domestic insurance coverages either don’t apply outside the U.S. or don’t provide enough coverage to protect it from an event overseas, resulting in substantial losses for the firm.
Travelers Global Companion℠ Plus+ includes the combined power of Property and General Liability plus standard coverages like Foreign Voluntary Workers Compensation, Automobile, Accidental Death and Dismemberment, and more. Coverage is offered in a package, written alongside your domestic policies and is available worldwide in over 100 countries.
NEXT RISK: Large Losses >
When something goes catastrophically wrong during the course of a typical workday, it could result in your business being held liable for a devastating loss.
A company supplying outdoor advertising services sends its employee driving one of its trucks out for a delivery. The truck’s brakes fail as it descends a steep hill, causing the vehicle to crash into cars waiting for a light. Multiple victims suffer severe injuries, and several of them sue the advertising firm for negligence and failure to maintain the truck.
Lawsuits can occur with surprising frequency for injuries that are small or severe, resulting in legal settlements and judgments that can surpass the limits of your primary insurance policies. Umbrella and Excess Casualty coverage can sit over a general liability policy and other coverages, stepping in to provide the additional protection needed.
NEXT RISK: Mobile Equipment >
When specialized tools and equipment travel with you to a job site, you may benefit from Inland Marine insurance. It’s designed to protect property and equipment that’s movable and in transit over land.
A civil engineering firm makes a substantial investment in surveying instruments that feature Bluetooth connectivity and automatic temperature sensors. During transport to a job site, an employee driving a company vehicle is hit from behind by a passenger car. The drivers are unharmed, but the equipment’s sensors are damaged.
Inland Marine insurance better targets your equipment transport risks by providing protection for property that’s mobile in nature. Coverage extends to property that is owned, leased or in your business’s care, including contractors’ or computerized business equipment. Coverage can also be provided for property that is uniquely valued, like fine art collections or antiques in your office space.
NEXT RISK: Third-Party Risks >
When hiring third-party vendors or contractors, it’s important to take precautions to avoid being held responsible for mistakes or errors they may make while providing services to you or your clients.
A land surveying firm is awarded a contract to provide services to a real estate developer. To meet the timeline, the firm contracts with an independent surveyor. The independent surveyor fails to properly mark the site, causing construction delays when an excavator damages an underground utility. The developer threatens legal action against the surveying firm.
With risk transfer mechanisms in place, your firm may avoid liability resulting from services provided by third parties. A CRT program can include requiring subcontractors to have insurance coverage sufficient to protect your interests. Along with securing business insurance from Travelers, you should discuss contractual risk transfer with your agent and a local attorney experienced in contract law.
NEXT RISK: Vehicle Accidents >
Vehicle accidents involving your employees can be among the costliest of injury claims for your organization. With accidents due to risks like distracted driving on the rise, proper coverage is more critical than ever before.
A law firm’s trial attorney uses her own car to travel to court across town on law firm business. The attorney attempts to drive through an intersection ahead of a yellow light turning red but doesn’t beat cross traffic, causing a multi-vehicle accident with numerous injuries that results in litigation against the law firm.
Anyone who drives a vehicle on behalf of your company, whether it’s owned by your business, rented or is a personal vehicle, could create liability for your company if they cause an auto accident. A Travelers Commercial Auto policy can protect your business from litigation costs and damages payments resulting from auto accidents. It provides liability and physical damage coverage for vehicles you and your employees use for business.
NEXT RISK: Visitor Injuries >
In the course of doing business, you and your employees may interact with clients, vendors, contractors and others. If anyone claims your business caused them to sustain bodily injury, property damage, or other personal or advertising injury, you could be held liable.
A consulting firm holds an annual holiday open house on a snowy evening. The guests track in snow that melts in the firm’s entryway, creating a slippery floor. A client guest slips and falls in the slippery entryway, suffering a broken ankle that requires several surgeries. The firm is sued for damages, including lost wages and medical costs, alleging negligence in failing to maintain a safe entry.
General Liability coverage provides protection to an insured business for the costs of litigation defense and damages payments when someone claims your business has caused them physical injury. It can also provide protection against claims for damages related to other harm, such as libel, slander and copyright infringement in your advertising.
NEXT RISK: Weather and Unexpected Events >
Natural disasters and severe weather events across the country highlight the need to properly protect your business, including its assets and equipment.
An accounting firm in the midst of tackling deadlines is blindsided when a severe windstorm causes damage to furniture, client files and other business property.
When a disaster happens, your whole building and everything in it could be damaged. Having Travelers Commercial Property coverage in place could mean the difference between a minor disruption to operations and a major financial loss. And, should such an event prevent your business from operating for a period of time, our Business Income coverage may provide protection against certain financial losses.
CONCLUSION >
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Looking for more information about how Travelers can help protect your industry from risks seen and unseen?
