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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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2011 Insurance Seminar

Penn Biotech Group

March 15, 2011

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SECTION I.“Insurance 101 For a Start-up”

Presented by Cohen Partners LLC:

Barry Cohen

Karl Janssen

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YIKES!!!! Insurance is often overlooked

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“ I should have reviewed the contract with Insurance is often overlookedboth my legal and insurance professionals before executing!”

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So the question is….. costs for customer requirements!

What types of insurance do I need for my startup?

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Typical Insurance Coverage Required by VC Firms and/ or Customers

Professional Liability/ Errors & Omissions

Directors & Officers Liability

General Liability (Public Liability)

Workers Compensation

Required once your company starts payroll

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General Liability(Public Liability) Customers

Legal Liability coverage for bodily injury/ property damage resulting from accidents on your premises or use of your product

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Professional Liability/ Errors & Omissions Customers

Coverage for claims from programming errors, software performance, or the failure of your work to perform as promised in your contract.

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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

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Other Suggested CustomersCoverages

  • Property Insurance including Business Interruption

  • Employment Practices Liability

  • Cyber Liability/ Network Security

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Contract/ Insurance Pitfalls to Avoid Customers

“One Sided” Indemnity Agreements

Improper Risk Transfer

Unreasonable Limits of Insurance

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“One-Sided” Indemnity Agreements Customers

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!

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Improper Risk Transfer Customers

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?

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Unreasonable Limits of Insurance Customers

Frequently the result of an inexperienced lawyer or risk manager!

Limits required should be commensurate with risk and size of contract!

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Conclusion: Customers

  • Consult with your insurance professional before signing the contract!

  • Improper risk transfer can cause your company to assume unnecessary liabilities and lead to disastrous results.

  • Discuss with your insurance agent what coverages you need for your company’s current stage of development.

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Thank you! Customers