We live in a litigious society and, as a result, many publicly owned companies may view litigation costs and insurance premiums as simply costs of doing business. Accordingly, public companies generally employ executives who are well versed in risk management, insurance and the use of insurance to address exposure to anticipated risks.
In many respects, private companies face risks similar to those faced by public companies. Yet private companies may not take the same approach as public companies with regard to insurance. A recent survey commissioned by the Chubb Group of Insurance Companies suggests that many private companies are not adequately insured, in part because their executives may not understand which risks are covered and which are not covered by their existing insurance policies as well as which risks would be covered by other available insurance products.1
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