More than 60% of all businesses bought additional insurance coverage as a direct result of COVID. Pandemic-related legal exposures include executives' actions and decisions regarding employer-mandated vaccinations and other COVID-19 precautions, alleged price gouging, denial of refunds, inconsistencies in employee sick leave or termination policies, and many others. (Credit: VectorMine/Shutterstock)
The need for directors & officers (D&O) and employment practice liability (EPL) coverage is skyrocketing. After two years of the pandemic, a huge increase in cybercrime and the fast pace of digital transformation, today's business leaders face a much greater risk from legal action than ever before. This is true for large and small organizations alike.
In Coalition's 2022 Executive Risks Report, a survey of 1,000 small business leaders about executive risks coverage and claims, revealed that the average D&O lawsuit costs over $120,000 and 28% of executives surveyed experienced some form of litigation in the past 24 months.
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