Are you confused by all the different acronyms for business insurance policies? E&O? D&O? EPLI? TDI? Sometimes it looks like a bowl of alphabet soup instead of insurance information. To help you get to the bottom of the soup bowl, check out our easy reference for the menu of “alphabet” insurance policies…..sans crackers!
E&O: Errors & Omissions
An Errors & Omissions policy is a MUST for any business that gives advice for a fee. Examples include: Accountants, technology firms, engineering firms, consultants and advertising agencies.
D&O: Directors & Officers
Directors & Officers policies cover for-profit and non-profit Boards of Directors, who are at risk of being sued for “actions” causing bodily injury or property damage.
EPLI: Employment Practices Liability
EPLI provides coverage for employee-related claims such as sexual harassment, wrongful termination, discrimination, failure to hire, failure to promote. The business owner is responsible for acts of his/her managers, supervisors!
TDI: Tenant Discrimination Insurance
TDI provides coverage for a landlord when sued for discrimination, unauthorized entrance to a unit, libel, slander, etc. TDI coverage includes legal representation.
It is important to remember that the basic business owner policy does NOT include coverage for E&O, EPLI, D&O or TDI exposures! You should review your needs and speak to your insurance agency about what coverage you may need. Please feel free to contact us.