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Frequently Asked Questions

How do I find the best value for insurance for my business?

It is important to use an insurance agent who understands your business and can communicate your needs clearly to the insurance carriers. It is also critical to use an agent who works with multiple insurance companies to give you options and keep you apprised of coverage changes that can impact your bottom line. Contact Cornerstone and we will walk you through every step to make sure you have the best overall value and help you make an informed decision on securing this important coverage.


What factors affect the cost of EPLI premiums for a business?

The cost of EPLI premiums can be influenced by several factors, such as the size of the business, the industry, the company's claims history, employee turnover rate, and the implementation of risk management practices. Businesses with a higher risk of employment-related lawsuits, or those with a history of claims, may face higher premium costs. Implementing effective risk management strategies, such as providing employee training on diversity and sensitivity, and adhering to employment laws and regulations, can help reduce the cost of EPLI premiums.


How does E&O coverage work?

If you are served with a lawsuit or demand stemming from your services, you can report the claim to the insurance carrier. The insurer evaluates each claim individually to determine whether it falls under the terms of the policy, then assigns an attorney to work with you in defending or resolving the matter. You are responsible for the deductible amount on the policy, but the insurance company pays covered costs above the deductible amount, up to the policy limit.

What does cyber insurance typically cover?

Cyber insurance generally covers the costs associated with a cyberattack or data breach, including notification costs, litigation costs, fines, and penalties. First-party coverage helps with direct costs like cyber ransom payments, business interruption costs, and breach response costs. Third-party coverage protects against lawsuits from customers and covers legal fees, settlement costs, and court-ordered judgments. It's essential to evaluate your business's specific needs and consult with a specialized provider like Cornerstone to find the best coverage.

What factors affect pricing of coverage?

Underwriters will consider the class of business, annual revenue, claims history, business location, and other factors. This information is usually captured in a basic application that is completed and submitted to the insurers.