There are many different forms of liability insurance on the market. While there may be more popular and fundamental coverages such as general liability, professional liability and pollution liability, one can argue that they’re no more important than management liability insurance in today’s business environment. Below is a brief explanation of what management liability entails.
What does it cover?
Management liability is a general term used when discussing a variety of coverage options related to protecting an organization and its leaders. Coverages that are usually included under this umbrella term include:
Crime Insurance: protects your assets in case one or more of your leaders are indicted on criminal activity.
Employment Practices: covers your business in case a lawsuit is brought against you with claims of discrimination, wrongful termination or any other employment violation.
Directors & Officers Liability: protects your leadership team in case a lawsuit is brought against them by regulators, competitors or shareholders.
Kidnap and Ransom: coverage for high net worth individuals on your leadership team in case they are kidnapped.
Fiduciary Liability: offers protection for your benefit plans and the employees that manage them. In case of a mishap.
In today’s environment of corruption, high-level crime activity and unwarranted lawsuits, management liability insurance is a must-have to keep your business protected. Work with your agent to customize your coverage to meet your business needs.