CFC, a specialist insurance provider, has launched a new management liability solution designed specifically for Canadian small to mid sized businesses.
According to the firm, its new solution includes a variety of new coverages, many of which are non-standard within the Canadian market.
Brand new coverages provided under CFC’s solution includes executive reputation protection, that includes adverse events that cause damage to the reputation, standing or status of senior executives. This coverage also includes access to leading PR experts in Canada and data security experts to remove damaging content published online.
Cyber coverage is also included, which according to CFC is specially designed to address a broad range of risks facing senior executive officers and board of directors in a personal capacity.
Another coverage that is provided under CFC’s solution is broad employment practices liability, which also includes third party cover, breaches of wage and hour duty, immigration investigation costs and costs as a result of a workplace violence incident.
In addition, 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, is also included in the solution too.
Rob Page, CFC’s North American Management Liability Team Leader, said: “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.”
Adding: “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.”
He continued: “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.”