In today’s competitive job market, companies must go beyond traditional benefits to attract and retain top talent. One often overlooked but highly valuable offering is Group Personal Excess Liability Insurance, which provides employees with an extra layer of financial security in case of unexpected accidents or lawsuits.
What Is Group Personal Excess Liability Insurance?
Group Personal Excess Liability Insurance, offered by Chubb, is designed to provide coverage beyond standard home, auto, and other personal insurance policies. This means that when employees face significant legal or financial liability from incidents such as car accidents, property injuries, or lawsuits, they have additional protection to prevent financial strain.
Employers can offer this coverage as either a mandatory corporate benefit or an optional, employee-elected program, ensuring flexibility for different workplace needs.
Why Should Employers Offer This Benefit?
Providing Group Personal Excess Liability Insurance as part of an employee benefits package is an excellent way to show commitment to employee wellbeing while enhancing overall engagement and retention. Employees work hard to build their financial stability, and unexpected events can threaten that security. By offering this benefit, employers help safeguard their team members’ assets and provide peace of mind.
With social inflation and nuclear verdicts on the rise, now more than ever, excess liability policies are essential for high-net-worth individuals and those in executive roles. These individuals are more susceptible to being sued following an incident—whether it’s an auto accident, an injury on their property, or a claim involving defamation, libel, or slander.
In fact, individual excess liability and umbrella policies have increased by approximately 10% on average over the past two years. Group Excess Programs offer significant cost saving advantages because insureds are not rated for claims, youthful drivers, or insurance score. This is especially beneficial for individuals who have a history of claims, have young drivers in the household, or need coverage limits exceeding $3 million.
Additionally, as of 2024, General Liability and Auto Liability claims are among the top five claims paid out by insurance carriers—further reinforcing the need for this kind of protection.
Key Benefits for Employees:
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Higher Policy Limits: Coverage beyond what standard policies offer, with limits up to $10 million for voluntary programs.
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Worldwide Protection: Coverage applies globally, including rental car incidents abroad.
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Courtroom Coverage: Legal defense costs are covered even if liability limits are exhausted.
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Identity Protection: Includes up to $25,000 in fraud assistance services.
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Reputation Management: Helps repair reputational damage from covered losses like libel or lawsuits.
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Non-Profit Board Coverage: Protection for employees serving on not-for-profit boards or homeowners associations.
Why Chubb?
With nearly 40 years of experience, Chubb is a trusted provider of Group Personal Excess Liability Insurance, consistently receiving top ratings from A.M. Best and Standard & Poor’s for financial strength. Their expertise ensures that employees receive comprehensive, reliable coverage tailored to their needs.
How Employers Can Get Started
Implementing a Chubb Group Personal Excess Liability program is straightforward:
1. Choose between a mandatory or voluntary enrollment structure.
2. Ensure at least 25 participating employees to qualify for a group policy.
3. Employees can customize their coverage limits based on individual needs.
By offering this valuable and unique benefit, companies not only protect their employees but also strengthen their overall compensation packages, making them more competitive in the talent market.
To learn more about adding Group Personal Excess Liability Insurance to your company’s benefits package, contact a member of our personal lines team.
