Employment Defense and Income Protection Insurance is available for individuals holding professional licenses and business licenses (not a requirement) providing License Defense Costs for investigation and defense of Complaints for a License Protection Incident including Fines and Penalties brought by regulatory and licensing bodies with respect to disciplinary issues. Many professional liability policies provide little or no coverage for license defense expenses. Some policies offer only $5,000 in limits. This is an insufficient amount when legal defense expenses can cost much more. In addition. loss of income during this period may imperil a person's; ability to pay mortgage, tuition and other bills. We also provide online quotations and policy issuance. In addition, actions and charges may be initiated by the employer and the employee (potential insured) needs individual self-protection.
Note: Policy limits for Loss of Income is offset by any unemployment insurance or severance. In addition, If a Wrongful Suspension or Revocation of License after an appeal at a Disciplinary Hearing or Proceeding is not sustained by a state or federal administrative agency, licensing or regulatory authority responsible for regulating professional or business conduct the insured will not be entitled to any wage loss and any amounts paid must be returned to the insurer.
If a Wrongful Termination appeal is not sustained in a civil court, arbitration or during a settlement with an Employer the insured will not be entitled to Loss of Income Costs
We will pay You up to the Policy Limit and Aggregate Policy Limit stated in Item 3 of the Declarations for a Loss incurred by You. Such Complaints, Allegations or Charges must:
1. be covered under this Policy for License Protection Incidents, Discrimination Violations, Political Correctness Incidents, Whistle Blowing Incidents, Hostile Work Environment Incidents, Professional Liability Incidents, Illegal Activity Incidents, Racial Occurrence, Virus or COVID Disciplinary Actions, Incompetence, Insubordination, Sexual Harassment Incidents, Pregnancy Discrimination, Disability Discrimination, Wage and Overtime, Leave of Absence, Layoffs and Closings, Class Action, Narcotics and Alcohol Charges, Workplace Retaliation and/or Severance Pay or Settlement as provided on an incident discovered and reported basis, and as applied to incidents first discovered by You and reported to Us during the Policy Period and provided the Claim is first made before the end of the Policy Period and the 30 day Extended Reporting Period; and
2. and for License Protection Incidents be filed against You with a state or federal administrative agency, licensing or regulatory authority responsible for regulating Your Professional Services or Business Services conduct.
Loss means Employment Defense Costs, License Defense Costs, Covered Expense costs, and Civil Legal and Penalty Defense costs.
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