2011 Insurance Seminar. Penn Biotech Group. March 15, 2011. SECTION I. “ Insurance 101 For a Start-up”. Presented by Cohen Partners LLC: Barry Cohen Karl Janssen. Success!!!. As a startup, you have a million things to think about. Insurance is often overlooked . YIKES!!!!.
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Penn Biotech Group
March 15, 2011
Presented by Cohen Partners LLC:
As a startup, you have a million things to think about. Insurance is often overlooked.
YIKES!!!! Insurance is often overlooked
“ I should have reviewed the contract with Insurance is often overlookedboth my legal and insurance professionals before executing!”
Avoid the financial black hole of having unknown insurance costs for customer requirements!
So the question is….. costs for customer requirements!
What types of insurance do I need for my startup?
Professional Liability/ Errors & Omissions
Directors & Officers Liability
General Liability (Public Liability)
Required once your company starts payroll
General Liability(Public Liability) Customers
Legal Liability coverage for bodily injury/ property damage resulting from accidents on your premises or use of your product
Coverage for claims from programming errors, software performance, or the failure of your work to perform as promised in your contract.
Directors & Officers Liability Customers
Financial protection for the directors & officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company
“One Sided” Indemnity Agreements
Improper Risk Transfer
Unreasonable Limits of Insurance
Client may ask you to assume liability for their negligence
Proper Agreement will limit your liability to the extent your firm is negligent.
“One Sided” Indemnity Agreements are often uninsurable!
Does your agreement with your independent contractors or subcontractors clearly state that they are not employees?
Does your independent/subcontractor agreement include hold harmless language in your favor?
Does your independent/subcontractor agreement require that they carry liability insurance with your firm listed as an additional insured?
Frequently the result of an inexperienced lawyer or risk manager!
Limits required should be commensurate with risk and size of contract!