Cornerstone Support has an in-house insurance agency – Integrity First Insurance, Inc. – working to help collectors take advantage of the competitive insurance market without compromising their level of coverage. Integrity First Insurance focuses only on the collections industry in order to help collectors, debt buyers and attorneys secure the coverage needed to protect their business.
Errors & Omissions Insurance
Errors & omissions (E&O) insurance is designed to protect a company in the event of a lawsuit stemming from their normal business activities. Also known as professional liability insurance, E&O coverage is especially important in the highly litigious collections industry. Many debtors file lawsuits against collection agencies under the federal Fair Debt Collection Practices Act (FDCPA), or other similar state laws. Suits filed under the Fair Credit Reporting Act (FCRA) and the Telephone Consumer Protection Act (TCPA) are also on the rise.
FDCPA lawsuits are rising every year. Even frivolous claims cost money to defend, and an E&O policy is a critical safety net for your business. Contact us for a free quote or policy review to make sure you have solid coverage at a fair price.
Data breaches are increasing at an alarming rate, and purchasing a cyber liability policy is the best way to make sure your business is covered against this growing threat. The scope of a data security incident can range from a stolen laptop to a massive breach by overseas hackers, and anything in between.
Most states have passed laws requiring notification of consumers whose personal information has been compromised in the event of a security breach. The costs associated with such notification – sending certified mail, changing account numbers, and subscribing to credit monitoring services – can be staggering at $30 or more per consumer.
Any business that stores personal information on consumers is a potential target, including the collections industry. It is important to note that errors & omissions policies typically do not cover claims related to data breaches. Some policies offer a network security coverage endorsement for an additional fee, but such endorsements do not cover the costs of notifying consumers about the breach.
Commercial crime insurance is also called employee dishonesty insurance, and covers a company against theft of money or other property by an employee. Third party coverage to protect a client may be added to the policy, as well as coverage for various types of forgery and fraud. Coverage for the management of retirement plan assets can also be endorsed onto the policy for ERISA compliance.
Employment practices liability covers a company against various types of lawsuits from employees and former employees. These types of suits can include harassment, discrimination and wrongful termination. Directors & Officers (D&O) insurance covers company officers for lawsuits from investors and shareholders. D&O coverage is often packaged with employment practices liability. Fiduciary liability can also be packaged in this group of policies.
Other Products and Services
General Liability and Business Owner Policies (BOPs)
Lawyer Professional Liability
State License Bonds and other surety bonds
Risk Management Assessments
Frequently Asked Questions:
How much does E&O insurance cost?
E&O premiums vary widely in the collections industry. Factors determining the premium include revenues, number of employees, and the applicant’s claim history.
What insurance companies do you use?
Integrity First Insurance works only with ‘A’ rated insurance carriers who have experience insuring the collections industry, including coverage for E&O claims related to the Fair Debt Collections Practices Act. Integrity First Insurance is the best choice to help collectors shop for competitive rates and save money.
Can we use your insurance services, even if we don’t use your licensing services?
Yes- these are two separate services that are not packaged together.
How can I get a quote?
Send us a copy of your completed renewal application, or contact us to get an application. We will need some background information about your company and your claims history to get started on your free quote.
Why should I use Cornerstone and Integrity First for insurance?
In recent years, many collection agencies have approached us for help with their escalating insurance premiums. It is important to work with an insurance agency that fully understands the needs of the collections industry, and can give you choices among multiple insurance carriers. Our expertise in the collections industry and the combination of insurance, licensing and surety bonding make Cornerstone Support and Integrity First Insurance your one-stop shop for risk management services.