WHITEHOUSE STATION, N.J., May 17, 2018 /PRNewswire/ -- Chubb has developed a new e-book, "Top Risks for Private Companies in the U.S.," which explores the numerous potential liability exposures facing private companies and sheds light on one often overlooked risk: the fact that such costly loss events inevitably take key executives away from their primary responsibility of running their businesses, resulting in the potential for delayed initiatives, lost productivity and an overall decline in functional efficiency. To address these underlying issues, the report provides a complete picture of the risks private company executives may face, which may assist them in making wiser decisions in the areas of Directors & Officers (D&O) liability, Employment Practices Liability (EPL), cyber liability and commercial criminal liability insurance.
"Private companies, regardless of size, are threatened by multiple liability and criminal exposures," said Leigh Anne Sherman, Executive Vice President, Private/Not-For-Profit Management Liability of Chubb's Financial Lines division. "Liability risks, lawsuits and fines, cyber theft and commercial crime are real threats facing private companies; however, when such a loss occurs, many private organizations overlook the hidden costs associated with those losses. While the type of business under attack will determine the actual bottom line cost, the time that leaders must spend dealing with the fallout is a real and inevitable concern for private companies."
"Top Risks for Private Companies in the U.S." is based on Chubb's most recent Private Company Survey, which surveyed 600 decision makers in U.S. private companies to ascertain concern about and management of corporate risks.
"What is also quite worrisome is that despite compelling evidence that loss events can have a devastating impact on a private company's operations, the survey also revealed that three-fourths of respondents remained unconcerned about the potential risk of damage and none of those surveyed are concerned about all areas of exposure," said Sherman.
In other findings, top challenges anticipated by companies in the next three years include:
- Attracting and retaining quality employees: 54%
- Managing expenses: 48%
- Changes in customers' needs, demographics or behavior: 47%
- New market entrants/competitors: 34%
- Data security or cyber threats: 25%
The report also discusses who from private companies purchase liability coverages, what a loss looks like and its impact on private firms, and how they can help protect themselves.
Chubb commissioned Chadwick Martin Bailey, a leading provider of data-driven market strategy solutions, for its 2016 Private Company Survey. Chubb also sponsored the survey in 2013, 2010, 2007, 2005 and 2003.
To access "Top Risks for Private Companies in the U.S.," click here.
Chubb is the world's largest publicly traded property and casualty insurance company and the largest commercial insurer in the United States. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE :CB ) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com.