Every employer is typically required by law to have certain types of insurance in order to ensure that the company and their employees are financially covered in case of any financial liability, risk or accident. While most employers today go for a typical director and officer’s insurance policy designed for a basic company, they often find during the times of emergencies that this policy is not sufficient in order to cover the risk or the liability. Therefore, phone switch deal with a large amount of assets or capital prefers to go for more full coverage policies known as the GPL policy.
What is a GPL policy? Is it necessary for me?
A GPL Policy or a General Partnership Liability policy is a policy that is primarily used by investment managers an investment bankers dealing with large sums of capital. Typically, it can be said to be a comprehensive policy that includes coverage from directors’ and officers’ policy, and professional liability insurance ca policies to provide a comprehensive and holistic coverage.
Further, one of the main limitations of a D&O policy remains that while the officers and directors of the company are covered under the terms of the policy, it often happens that the entity or the company by itself is not adequately covered or insured. Therefore, a General Partnership Liability policy is considered a much more comprehensive and preferable option to the traditional D&O policy. While traditionally GPL policies were obtained primarily by listed companies, today more companies are releasing the helpfulness of a General Partnership Liability policy and are opting for it for good coverage.
Why should I consider obtaining a GPL policy?
If your firm is dealing with large sums of capital and there are likely to be indemnification obligations on the firm and its employees, it is ideal to get up policy such as the General Partnership Liability policy to cover potential liability.
Typically, a General Partnership Liability policy covers not just the company or the investment firm in question, but also various employees including partners and agents, depending on the terms of the policy that you have obtained.
While fund managers may have some basic insurance policies already in place, these are often not sufficient to cover the funds as well as the company and the employees who are running the fund. Therefore, a General Partnership Liability policy is considered a much more preferable an ideal option in order to safeguard the interests of all stakeholders involved. There are also other types of insurance available in the market, such as pets insurance.
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