It takes a lot of hard work and determination to operate a business, and all of that hard work can turn into a nightmare if your company experiences any type of lawsuit due to any work-related injury or illness to the employee. Insurance plays a pivotal role in safeguarding your businesses, and these insurance policies from Integrity Insurance Solutions will secure your businesses from lawsuits.
The management liability insurance will protect you, the director, the manager and all the upper-tier officers of your company from any loss related to the company. The role of higher-ups is to manage and run the company, and every business have a level of risks, but these are some of the major problems that can affect your upper-tier officers in the company:-
- A breach in the contract claims and costs of the defence
- Theft or fraud to the employees
- Business failures
- Commercial disputes or tax audits
- Health or safety incidents at the workplace
- Statutory liability
You should be aware that management liability insurance does not eliminate responsibility for the company’s intentional wrongdoing. Instead, they will only charge if you bear any personal and financial responsibility for the actions or events that you have not committed or which were outside of your knowledge and control.
There are some areas in which the management liability policy cannot help your company. Those non-coverages for the company are:-
- Body injury
- Civil fines or penalties to the company
- Pre-existing incidents that the company knew about before signing the policy
- Damages to the property or legislative breaches
- Claims of a data breach or attack and other cyber activity
There are some key components of this business insurance that are designed to counter the risks and challenges faced by the higher-ups of your company:-
- There is a fiduciary liability insurance that will protect your upper-tier individuals who manage the employee’s benefit plans of your company from claims of mismanagement. This coverage is essential for your employees who administer, oversee and provide advice related to the employee benefit plans.
- This insurance will also address the risks of criminal acts like kidnapping, extortion or ransom, which could impact your company. This will benefit your company if it is operating in a region where the risk of criminal acts is high. They will provide you with financial protection and support services for criminal incidents such as ransom demands, extortion threats, or money for kidnappings.
- EPL insurance, which is employment practices liability, covers all of your claims related to employees who are allegedly violating their legal rights by engaging in acts of discrimination, harassment and wrongful termination. This business insurance could provide you with assistance from the potential lawsuits of the previous, current or prospective employees.
- Another component of management liability insurance is D&O Liability insurance, which protects the directors or higher officers from losses. Suppose they are sued for any type of wrongful acts. This will cover your entity or organisation by covering all of your legal fees, settlements, and costs related to defence against the claims.
If you want protection for yourself and the higher-ups of your company, then a management liability policy is the right choice for you. Integrity Insurance Solutions will provide you with the needed insurance plans that will protect your company from all false claims from third parties or your employees.