Here are Jeff’s answers to three common questions about MLI coverage and its benefits for NFPOs.
How can D&O coverage help me attract more qualified board members?
Many NFPOs struggle to find capable people to join and stay on their boards, meaning these organizations must change how they implement board structure, job responsibilities, and titles.
Traditionally, Directors & Officers (D&O) coverage designated executives, directors, or officers as the insured individuals under the policy. While that might have been appropriate years ago, today, many NFPOs have other roles with similar responsibilities and potential for liability, such as independent contractors, de facto directors, shadow directors, board observers, or advisory board members. As a result, D&O coverage forms have broadened to help NFPOs attract, add, and retain new talent more easily by offering protection for people in these roles.
Work with your independent agent to add more inclusive and expansive titles and positions in your D&O coverage.
With so many volunteers and employees, how can EPLI help me with all the various employment-related decisions I need to make?
Though most NFPOs rely heavily on volunteers, they are not immune to employment issues. Employment practices liability claims related to wrongful termination or discipline, sexual harassment, discrimination, and other decisions are frequent claim types. EPLI helps protect NFPOs against such claims. Significantly, it can also provide protection extending to interactions between employees, and between employees and customers, clients, service recipients, or other business invitees.
With EPLI from Selective, you gain unlimited access to our Selective Human Resources Essentials® services, at no additional cost. HR Essentials includes a comprehensive library with material geared towards employment-related policies, procedures, and controls, employment training modules, and information about state and federal employment compliance obligations. You will also have access to a dedicated HR representative who you can call to discuss various employment-related matters to assist you in your action plans and response.
Will Fiduciary coverage extend to new plans we create?
Fiduciary Liability Insurance helps protect those charged with managing employee health and welfare plans. Individuals with such obligations often have fiduciary duties to plan participants or regulatory bodies, such as the DOL or IRS.
Today, plans are also becoming more complex to manage. For example, healthcare plans may now include options for PPO, HMO, HRA, HSA, and FSA–all of which may change throughout a calendar year. NFPOs must ensure that the Fiduciary Liability Insurance they select includes coverage for all plans sponsored by the NFPO.
By choosing Selective, you can help ensure Fiduciary Liability Insurance extends automatically to any newly formed or acquired plans, so you can focus on providing your organization with competitive and comprehensive benefits.
Protect Your NFPO with a Commercial Package Policy and MLI from Selective
Management Liability Insurance can give NFPOs a unique opportunity to attract and retain talent on their boards and provide them with peace of mind when making operational decisions. Selective also offers customizable coverage options through our Commercial Package Policy (CPP), which includes standard coverages such as general liability, business interruption, and property liability insurance.
Don’t wait. Talk to an agent today about protecting your organization with Management Liability Insurance from Selective.