Today’s business landscape is fraught with many emerging risks. Lawsuits are among the most common. Directors, officers and board members are often caught in the middle of these suits. Defending claims can cost your company thousands of dollar or more in legal expenses. This is why professional service firms need management liability insurance.
Provides Asset Protection
Management liability is the right solution for protecting your business. This insurance product includes features that safeguard company assets and employees. Examples include the following:
• Payment for legal fees
• Corporate entity protection
• Indemnity payments
Covers a Variety of Risk Exposures
Individuals file claims for several reasons. Many suits result from executive team decisions. And these issues aren’t limited to public entities. Nonprofits and private enterprises face the same potential threats. Management liability can cover lawsuits related to the following allegations:
• Fund mismanagement
• Conflict of interest
• Unethical business practices
Meets Your Unique Needs
Risk profiles vary from one firm to the next. Management liability is customizable. Carriers consider factors such as industry, state, business activities and loss history. As a result, you’ll have coverage that’s specific to your unique needs.
Professional service businesses face new challenges each year. With that said, you need a policy that protects your growth and expansion. Management liability insurance is the best protection against potential risks.