Don’t neglect any part of your business that could result in financial losses by not considering every type of insurance policy that could benefit you and your business. At Salt Lake Business Insurance, we will know which type of policies serve to benefit you the most so that you are completely covered. Some of the policies that you may not be aware of are the EPLI or D&O insurance policies. Management liability insurance offers a host of useful and beneficial coverage that is intended to protect your business and the people in leadership roles from business risks.
The Employment practices liability insurance (EPLI) covers any legal expenses and damages that occur due to an employee’s lawsuit against your company. You and your company's management team are protected against claims of discrimination, harassment, failure to promote, or wrongful termination. The Directors & officers (D&O) policy protects your company and those who play a leadership role from financial losses that may result from litigation and regulatory investigations. This could be from such litigation as a breach of fiduciary duty, misuse of company funds, non-compliance, or misrepresentation of company assets. While these two policies are known to cover some of the most serious risks to businesses, some common risks aren't covered, which we will discuss when we meet.
The only way to effectively create an effective insurance program, we would also recommend the following coverage be considered to protect your company and management:
You may already have some of these policies in place but may not be familiar with all of them. Since they serve to protect your interest and the interest of those who are vested in your business, it is recommended that you at least find out what they offer that can benefit your business.
Those who act in the capacity of a senior manager or chief executive for a company can be held responsible for the actions and decisions made on behalf of the company they work for. This is why it is so important to have this type of insurance coverage, offered under management liability insurance. They are intended to serve as protection for those who have an active leadership role in the company. They must have this type of coverage so that they can continue doing their jobs.
Cost of Management Liability Insurance
Like every other type of policy that we offer at Salt Lake Business Insurance, various considerations must be discussed before we can offer additional information. The factors that will affect the cost of your coverage include: