Survey Finds 62 Percent of Private Companies Have Experienced Management/Professional Liability in Past 5 Years

 
Wednesday, July 1, 2009
 
A recent survey found 62 percent of U.S. private companies have experienced some type of event related to management/professional liability in the past five years, including workplace crime, 32 percent; employment practices liability, 24 percent; and directors and officers liability 22 percent.

In the 2008 survey, 31 percent of companies expect to experience a crime-related event, 26 percent expect a directors and officers liability incident and 19 percent said they anticipate an employment practices liability incident.

According to the survey, the average total cost, including judgments, settlements, fines and legal fees, of an employment practices liability-related event is $63,114.

Warren, N.J.-based Chubb Group of Insurance Companies sponsored the 2008 Chubb Private Company Risk Survey of 469 U.S. for-profit company risk managers.  The Chubb survey was conducted by Pollara, a public opinion and market research firm in Canada in late 2007.
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