Markel has added a stand-alone employment practices liability policy customized for professional employer organizations (PEOs) to its management liability suite of products.
Image: Markel releases employment practices liability policy for organizations. Photo: Courtesy of IndypendenZ/FreeDigitalPhotos.net
PEOs provide back-office solutions for small businesses, including payroll, benefits, HR, insurance, tax administration, and regulatory compliance. The new policy is a modular solution that provides liability coverage for PEOs and their customers with separate limits available for each. Various coverage enhancements are also available, such as third-party coverage, workplace violence, wage and hour defense, and immigration coverage.
The onboarding process is one of the differentiators of this policy. It consists of an in-person meeting to introduce the policyholder to their claims examiner, review policy features, and deliver an overview of the risk management services offered to PEOs.
“The management liability space is growing more complex and creating a policy specifically for PEOs is a need we heard directly from our customers and production partners,” said Salvatore Pollaro, Managing Director, Management Liability. “Our hope is that both the PEOs and their client customers are better served with the custom coverages, risk management services, and one-on-one support they get from Markel.”
The policy is presently available in all 50 states.
Source: Company Press Release