Commercial Crime Insurance typically does not include coverage for legal expenses in the event of a lawsuit. Commercial Crime Insurance is primarily designed to protect businesses from financial losses resulting from criminal activities, such as theft, fraud, embezzlement and other dishonest acts. It focuses on reimbursing the insured for the monetary losses they have incurred due to these criminal activities.
Legal expenses arising from a lawsuit are generally addressed by other types of insurance policies. The most common policy that provides coverage for legal expenses is General Liability Insurance. General Liability Insurance covers bodily injury and property damage claims, as well as legal defense costs if a lawsuit is filed against the business.
Cyber Liability Insurance: This type of insurance may include coverage for legal expenses related to data breaches, cyberattacks and other cybercrimes.
Directors and Officers (D&O) Liability Insurance: D&O insurance covers legal expenses for directors and officers of a company in the event they are sued for decisions made in the course of their duties.
Employment Practices Liability Insurance (EPLI): EPLI can cover legal costs associated with employment-related lawsuits, such as claims of discrimination, harassment, or wrongful termination.
Professional Liability Insurance: Professional liability insurance, also known as Errors and Omissions (E&O) insurance, covers legal expenses in the event of lawsuits related to professional negligence or errors in services provided.
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