Monday, September 11, 2017

Hmmm … Are All Your Liability Exposures Covered?

By: Edward L. Blais, JD, CIC

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."

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.

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.