Eastern Technology Group (ETG)
Stage 2 Emerging Growth
Differentiated Value | Risk Milestones | Stage 1 | Stage 2 | Stage 3 | Stage 4
With venture capital or angel financing in place, manufacturing operations, clinical trials or service offerings are in full swing. You are negotiating channel and partnership agreements, and heavily recruiting employees. At this point, a solid Board of Directors starts to take shape with professional advisors, your VCs, and quality industry executives; maybe even nascent exit strategies starting to form. Your vendors, clients, and/or partners may require that you carry broader insurance coverage such as Errors & Omissions coverage and higher Umbrella Liability limits.
Risk Management Focus - More Advanced
Expand on Stage 1 and:
- Evaluate all third-party contractual agreements: venture capital and other financing agreements, channel partnerships, joint ventures, vendor contracts, etc.
- Establish corporate governance procedures and compliance with regulatory issues such as Sarbanes-Oxley (SOX)
- Analyze operational plan for bottle necks and high concentrations of physical assets, especially in catastrophe zones
- Initiate reputational risk analysis and intellectual property audit
- Ensure HR plans are best-of-class peer-to-peer
Insurance Solutions – More Comprehensive Coverage Design
Expand on Stage 1 to include:
- Directors & Officers Liability – to recruit board members & indemnify D's & O's
- Employment Practices Liability – same as D&O
- Clinical Trials Product Liability
- Errors & Omissions – to cover loss from failure of your product to perform
- Automobile Insurance – for autos that are owned, leased, and/or rented
- Umbrella
- Benefits – to recruit talent: life, health & dental, disability, 401(k) or stock options, key Life
- ERISA Bond for 401(k) Plan and Fiduciary Liability
- Inland Marine/Transit – for tradeshows, products that are shipped, etc.
