Title and Attorney Agent E&O and Business Insurance

Crime coverage protects against theft of money or property by employees or outside parties. Key differences between policies include whether social engineering and funds transfer fraud are covered or sublimited, verification requirements for wire instructions, and whether coverage applies to client funds held in escrow/trust. Definitions of “employee,” computer fraud triggers, and dual-control conditions can significantly affect claim outcomes.

Cyber liability addresses losses from data breaches, ransomware, and network security failures. Policies vary in how they define a “cyber event,” whether social engineering or fraudulent funds transfer is included, waiting periods for business interruption, and required security controls (Multi-factor authentication, backups, training). Coverage for regulatory fines, vendor-caused breaches, and system failure (non-malicious outages) also differs.

Employers liability protects the company if an employee sues over a work-related injury outside the workers compensation system. Differences often include limit options, exclusions for certain types of employee lawsuits, and how coverage applies to leased or temporary workers. 

D&O covers claims alleging wrongful management decisions by owners, directors, or officers. Policies can differ in who qualifies as an insured (owners vs. managers), whether employment practices liability (EPLI) is included, and if entity coverage applies to the company itself. Pay attention to exclusions related to professional services, prior acts dates, and defense costs eroding limits.

Workers compensation provides benefits for employee work injuries or illnesses. Variations involve state-specific rules, class code accuracy, inclusion of officers or owners, and how subcontractors or 1099 workers are treated. Many times, having workers comp coverage in place for the benefit of employees will also limit any subsequent litigation.

Excess liability or umbrella policy adds limits above underlying policies to protect against large claims. Differences include which underlying policies are scheduled, whether the umbrella follows form or has broader/narrower wording, and any exclusions that don’t match the primary coverage. Self-insured retentions and requirements to maintain certain underlying limits are critical details.

Surety bonds guarantee compliance with legal or fiduciary obligations, such as proper handling of escrow funds. Requirements vary by state, bond type (license, escrow, notary), and required limits. Bond forms, cancellation provisions, and personal indemnity obligations for owners can significantly affect risk to the agency.