CFC launches new management liability solution for Canadian SMEs
London, UK (Nov. 16, 2023) – CFC is pleased to announce the launch of a new management liability solution designed specifically for Canadian small to mid-size businesses.
Focused on the day-to-day risk exposures faced by smaller enterprises rather than those of publicly traded companies which management liability products typically target, CFC’s new solution includes a number of new coverages, many of which are non-standard in the Canadian market.
“Management liability can be a tricky product to sell to smaller enterprises,” said Rob Page, CFC’s North American Management Liability Team Leader. “Policies are usually full of technical jargon and tend to be designed with larger businesses in mind, so it’s hard for brokers to make them easily relatable to their SME clients. With clear, simple language, our new modular product encompasses the typical exposures that the board and senior managers of an SME actually face, meaning they can pick and choose the cover that suits their business and only buy what they need.”
Brand new coverages provided under CFC’s management liability solution include:
- Executive reputation protection including adverse events that cause damage to the reputation, standing or status of senior executives. It includes access to leading PR experts in Canada and data security experts to remove damaging content published online.
- Cyber coverage specially designed to address a broad range of risks facing senior executive officers and board of directors in a personal capacity. This includes personal financial loss including social engineering attacks that lead to the transfer of personal funds.
- Broad employment practices liability including third party cover, breaches of wage and hour duty, immigration investigation costs and costs as a result of a workplace violence incident.
- Comprehensive crime including company crime such as employee theft, funds transfer fraud, credit card and currency fraud, client crime and both on and off premises theft. In another first for CFC, standalone crime cover is also available.
“This is the solution that our broker partners have been crying out for,” added Page. “Our innovative new product provides our broker partners with a management liability solution that they can tailor to an individual SME’s needs, while our supporting sales tools are designed to help them demonstrate the very real need for this valuable cover.”
Read more about CFC’s new management liability solution for Canadian SMEs here.
About CFC
CFC is a specialist insurance provider and a pioneer in emerging risk. With a track record of disrupting inefficient insurance markets, we use proprietary technology to deliver high-quality products to market faster than the competition while making it easier for brokers to do business. Our broad range of commercial insurance products are purpose-built for today’s risks, and we aim to give our customers everything they need in one, easy-to-understand policy.
We’re on a mission to radically simplify the way business insurance is bought and sold. To do that, we challenge assumptions, innovate constantly and use technology to drive change in our markets.
Headquartered in London and backed by Lloyd’s, CFC serves more than 70,000 businesses in more than 80 countries.
For more information, visit www.cfcunderwriting.com.
SOURCE: CFC Underwriting
Tags: CFC Underwriting, launch, liability, small business