Management Liability Insurance is to cover the risks and exposures that occur while managing a business. Whether you are just starting a business or at the peak level, there are plenty of risks you need to take when to run a business and take it to a new height. But without adequate protection, there are possibilities of losing many things including your personal assets. This insurance saves you from this losses and maintains your wealth and lifestyle. Every business owner must have a liability insurance for the protection of their assets. The claims that you can cover against Management Liability Insurance are:
1. Damages and claimant costs
2. Defence Costs
3. Investigation Costs
4. Civil fines and pecuniary penalties
The Management Liability Insurance generally focuses on the management of running act of the company. Here both the directors and officers are liable for facing both corporate and personal liabilities while running a company. Taxation investigation costs, statutory fines, and penalties, employee theft, defamation by officers or directors, improper employment, breach of intellectual property rights, etc. are the most common claims that come under the management liability insurance program. You can save your company from all the liability risks by taking this insurance. The major risks covered by the Management liability insurance are as follows:
1. Workers Compensation: Employers liability or workers compensation protects the business against the culpability occurring due to the injuries or death of any worker.
2. Product Liability Insurance: This insurance protects the business owners against the injuries or death of a consumer occurred by their product.
3. Professional Indemnity Insurance: You can get the coverage to protect the business caused due to mistakes or performance failure of the company.
4. Director and Officers Liabilities: This insurance is to provide the protection to the key members of the company in case it gets sued.
5. Employment Practices Liabilities: With this insurance, a company can get cover for its each and every employee against the claims made by current, previous or prospective employees for any issues like discrimination, harassment, etc.
6. Crime Cover: This insurance provides the cover to the company from any kind of loss arising due to theft or fraud by employees.
7. Statutory Liabilities: It covers the fine and retribution caused while operating a business like occupational health and safety penalties, EPA and Pecuniary penalties.
8. Corporate Entity Liabilities: This insurance is stated extremely relevant for the companies that are owned by different directors.
9. Legal Representation Costs: With this one, the legal representation costs of the company caused due to attendance at official inquiries can be covered.
We understand the need for risks and exposures for creating a great business that delivers the quality goods to the customers. And that’s why we at Earth moving Insurance HQ provide you the management liability insurance against above all the risks and provides the best coverage for your business.
Our expert industry advisors will assist you to buy the right insurance for your company and get the right coverage against all the losses occurred under that policy. All these services provided by us are at an absolute right price. Check out all our services and buy the best insurance for your company.