When running a business, it is crucial to protect every component from the risks of every day and the litigation of unhappy third-parties. One of these business aspects is your management. It is not uncommon these days for a lawsuit to the board of directors, executives and the company itself. This is why it vital to invest in the right kinds of management liability. Working with a management liability insurance specialist can get you the types of coverage you need to build a strong defense.
What Exactly is Management Liability?
Management liability is the title for the types of insurance that protect those at higher levels of the company. This usually includes directors, managers and officers. This coverage helps you handle the financial burden involved with lawsuits made against these members of management and there are few individual kinds.
Directors and Officers Liability
D&O handles the litigation claiming directors and officers made a negligent decision or acted in a wrongful way. This can include decisions that resulted in the financial loss of a third-party.
Employment Practices Liability
This type of liability protects companies from lawsuits brought forth by employees. Litigation can include alleged sexual harassment, discrimination, wrongful termination, failure to employ and emotional distress.
If you want to learn more about this important coverage, consult a management liability insurance specialist today to get started.