As with most organizations your current insurance program includes coverage for the general liability, business property, workers compensation and commercial umbrella. While these policies cover the primary insurance needs, there are other potential liability exposures that you may need to consider.
Management Liability insurance combines valuable liability coverage in one policy at a competitive discounted rate. Below are some points of coverage that can help to assess your potential liability and the need for Management Liability insurance:
- Directors & Officers Liability: Specific to the Directors or Officers that exercise decision making- authority which could make them personally liable for those decisions. Third parties or individuals who believe those decisions hurt them could take legal action against an organization, which could lead to costly unforeseen expenses for defense costs and judgements. D&O Liability helps protect not only the financial well being of an organization but the assets of the organization and its officers.
- Employment Practices Liability: Protection for those individuals and organizations who supervise, hire and manage employees. This includes claims relating to discrimination, wrongful termination, sexual harassment and other employment related wrongful acts where an organization could be found negligent.
- Cyber Risk: For those conducting business through digital interactions online that may be open to risks like security breaches, information theft, cyber extortion or data breaches. These events can not only be costly, but could drain resources in response to them. This coverage offers liability protection for the transmission and storage of data through your network or website.
- Crime Coverage: Insures an organization for loss to money, securities and other tangible property due to employee theft or embezzlement. Other crime coverage is available including (but limited to) forgery or alteration of checks, robbery, loss to money while in the possession of a messenger and counterfeit money orders or counterfeit money.
- Fiduciary Liability: Fiduciaries face unique exposures due to regulatory requirements, discretionary decision making authority, plan reporting, disclosure and operation. Due to this an organization can be held liable for the decisions made. Allegations can cause high legal costs affecting your business’s bottom line. It also picks up coverage where your ERISA Employee Dishonesty bond does not.
Fischer Insurance’s Program Highlights:
- Limits up to $10 Million available for qualifying accounts
- Coverage offered by A.M. Best Co., A+ Superior rated carrier
- Three Year rated policies to lock in premiums
- Premium pay plan and payment options at no additional cost or financing.