Celebrating 25 Years as an ESOP: What employee ownership means for our clients

Jeff GelburdESOP, News

You may have heard that Murray is an employee-owned or ESOP (Employee Stock Ownership Plan) agency. What, exactly, does that mean if you are a Murray client or prospective client? Empowered Employees Employee ownership empowers employees. By giving employees the autonomy and flexibility to make judgement calls based on the customer’s needs, we streamline processes and increase customer satisfaction. Our employee-owners know their actions affect their customers, and ultimately, the success of our agency, and they take ownership of their decisions. In short, your success is their success. Preservation of Company Culture Many of our competitors have been involved in mergers and acquisitions that have distracted their employees, disrupted their culture and had a negative impact on the quality of …

Executive Liability Insurance for ESOP Companies and Their Executives

Jeff GelburdBusiness Insurance, ESOP, Insurance

The ESOP (Employee Stock Ownership Plan) Association’s endorsed Executive Liability Insurance Program allows its members to purchase insurance protection in the areas of (i) Directors and Officers Liability, (ii) Fiduciary Liability, (iii) Employment Practices Liability and (iv) Crime. Additional coverages are now available such as Cyber Liability Insurance on a group basis thereby providing members with more competitive policy premiums and coverage terms than if they were purchasing this protection by themselves in the traditional marketplace. The program is underwritten for Association members on an exclusive basis by Great American Insurance Company and is endorsed by the Association. Shared Vs. Separate Policy Limits Typically, the D&O, Fiduciary and EPL coverages can be purchased under one policy. The criteria of corporate …

Executive Liability Insurance: What to Expect in 2017 and Beyond

Jeff GelburdBusiness Insurance, ESOP, Insurance

ESOP companies should be aware of several important changes that are taking place in the markets for Directors & Officers (D&O) Insurance and Fiduciary Liability Insurance. Here is a quick summary of important trends: Premium increases have leveled off. For the past several years, renewal premiums on existing policies had been on the rise. However, for the past several quarters premiums have not been rising, and we expect them to remain level for the remainder of 2017 for accounts that are claim free and in good financial standing. Minimum premiums for D&O and Fiduciary type policies generally start at $5,500 for a $1,000,000 limit of liability. Broader protection is available on most policies. Insurers have been expanding their coverage, and …