By: Edward L. Blais, JD, CIC
When you make management decisions, the
liability exposures may be even greater than a slip and fall or
vehicular accident. Management risk is the key reason you
need coverage for exposures related to directors and officers
(D&O), employment practices liability (EPL), and fiduciary liability
coverages.
Many people are surprised to learn that you
need liability protection for more than you might think. Do you serve
on any committees or boards, volunteer or otherwise? Even if you are
volunteering your time that does not protect you from a potential lawsuit. One should recognize this and make sure they
only participate on boards that safeguard board members with a special coverage
designed to protect actions and decisions while acting in that
capacity. It’s called "management risk."
While all three are typically available and often purchased
as separate policies, you should also discuss with your agent the possible
advantages of a management liability package policy. Such a comprehensive
package can offer the convenience of combining D&O, EPL and fiduciary into
a single policy, but also may better coordinate the three to minimize otherwise
overlapping or counterproductive coverages, exclusions and limitations.
Higher
quality management liability packages may also include, at an attractive cost,
valuable additional coverage often otherwise overlooked or requiring separate
purchases, such as crisis response, employee theft, identity recovery, and
security breach insurance.
Contact
Blais Insurance at 725.0070 and ask about the availability and advantages of
management liability Insurance, either stand-alone or as a package, today.
