CFC Underwriting, a Lloyd’s MGA, has launched a tailored policy for professional employment organizations (PEOs) that includes professional and general liability.
“PEOs rely heavily on London for their EPL cover,” said Tom Chaplin, recruitment underwriter at CFC. “However, until now it has been difficult for brokers to also source a dedicated professional and general liability policy for PEOs from the Lloyd’s market. Properly addressed, this is actually a type of business which is well suited to Lloyd’s, but it has been shied away from until now because of the complexities and legal grey areas of this niche sector.”
The new policy, dubbed PEO, was designed with the specific risks of PEOs in mind, which include the administration of employee benefit programs and workers’ compensation, for many businesses.
It can be offered as a complement to a PEO’s employment practices liability policy. The policy includes errors and omissions, commercial general liability, cyber and privacy liability, property coverage and business interruption coverage.
The London-based CFC offers insurance coverage in 35 countries, including the United States.
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