FARMINGTON, Conn., May 15 /PRNewswire/ -- Beazley Group, plc (BEZ.L), a leading insurer of management liability risks, has launched a new employment practices liability (EPL) policy that offers expanded coverage for privacy violations and covers the cost of hiring professionals to help employers cope with a range of major events impacting the workforce.
Beazley's new EPL policy offers two additional benefits: privacy violation coverage and employment event coverage. Privacy violation coverage covers employers for liabilities they may incur in the event of the loss or theft of employees' personal information, including social security numbers, account information, or health information. Coverage also extends to the consequences of an employer's failure to inform employees in a timely manner that their personal information has been compromised, consistent with applicable laws.
"Employers have more sensitive information about their employees than ever before, and the exposure in the event that information is compromised is very real," said Carrie Brodzinski, EPL product manager for Beazley.
Another innovative coverage extension in Beazley's new EPL policy is
employment event coverage. This extension provides employers with a
sublimit to cover the costs of hiring a public relations firm, a security
firm, or mental health professionals to cope with the aftermath of one of
the following events:
-- The layoff or material change in the employment status of 20% or more
of the workforce
-- Public announcement of a third party claim or allegations of
discrimination or harassment impacting an executive officer
-- A workplace disaster resulting in the loss of life or imminent threat
of the use of a lethal weapon on the employer's premises.
"Most insurance focuses on covering damages after an event has already taken place," said Carrie Brodzinski. "Our focus here is different. The goal is to help employers handle situations proactively, with professional support, in such a way as to avoid claims, rather than responding only after a claim has been made."
Note to editors:
Beazley Group, plc (BEZ.L), based in London, is the parent company of global, specialist insurance businesses with operations in the UK, US, France, Singapore and Hong Kong. Beazley manages two Lloyd's syndicates (Syndicate 2623 and Syndicate 623) with aggregate underwriting capacity in 2008 of 814m (US$1.6bn). Both syndicates are rated A by A.M. Best. In the US, Beazley's underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company, Inc., an admitted carrier in all 50 states; and surplus lines risks, backed by the Beazley syndicates at Lloyd's. Beazley Insurance Company, Inc. is rated A by A.M. Best.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, commercial property, marine, reinsurance, and personal lines.
For more information please go to: http://www.beazley.com
|SOURCE Beazley Group, plc|
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