While every business is unique, there are universal exposures that all businesses face. In addition to insuring your specific risks, you need to consider coverage that will protect you from common exposures generated by everyday business operations.
For larger organizations, the diversity of risk and probability of higher claim frequency make it more effective to use a variety of insurance policies. For smaller organizations that face similar risks, but on a reduced scale, combining policies is often a better option.
Management liability includes several coverages essential to standard business operations:
- Directors and Officers Liability: Covers losses caused by a director or officer’s alleged mismanagement or improper conduct.
- Employment Practices Liability: Covers losses resulting from employment practices disputes, such as claims filed for discrimination, sexual harassment and wrongful termination.
- Fiduciary Liability: Covers losses resulting from mismanagement of employee benefit and pension plans.
- Professional Liability (also Errors and Omissions): Covers losses resulting from negligent acts, omissions or errors.
- Crime Insurance: Covers losses resulting from employee or outsider criminal activity such as theft, fraud, forgery and employee dishonesty.
Management liability policies can offer a level of protection with fewer gaps and broader coverage definitions. At Deeley Insurance Group, we have the resources and expertise to analyze your unique needs to help you choose the policy that best fits your business. Contact us today to be sure you’re operating with the protection you need.
