How does management liability insurance protect businesses?
Management liability insurance helps to financially protect businesses, along with their executives, directors, officers, and managers, from allegations of sexual harassment, discrimination, wrongful termination, and other “wrongful acts.”
Why do businesses need management liability insurance?
Even with a skilled management team, your company can encounter unanticipated and complex risks and allegations. How financially prepared are you to manage these situations?
- A gender, race or age discrimination lawsuit from an employee
- An accusation of unfair competition from a competitor
- The discovery of an embezzlement scheme spanning years
- A lawsuit from a disenfranchised family member
- An allegation of mismanagement from a disgruntled investor
- An extortion threat to publicize confidential or propriety information
- An allegation of potential mismanagement of employees’ pension or 401K plans
Cases like these could take years to resolve, and drain your company financially.
End-to-end management liability insurance businesses
Hanover Private Company Advantage helps to protect the assets of private companies and the personal assets of its directors, management, and employees from potential liability exposures and the resulting financial consequences. Coverages include:
Directors and Officers Liability Insurance (D&O)—Protects privately owned companies, their directors and officers, from claims brought against them by investors, customers, suppliers, competitors, and the government
Employment Practices Liability Insurance (EPL)— Protects against the financial damage of claims brought by employees and third parties for wrongful employment acts based on discrimination, workplace hostility, defamation or humiliation, and more.
Fiduciary Liability Insurance—Protects the company, employees and fiduciaries who design, administer, and manage pension, health and welfare, employee stock ownership, and employee benefit plans alleged to have breached their fiduciary duty
Fidelity & Crime Insurance—Protects against loss caused by criminal acts, including employee theft, burglary, robbery, computer fraud, and funds transfer fraud, and more
Kidnap/Ransom and Extortion Insurance—Protects against loss of assets arising from kidnapping and extortion where personal harm or destruction of products or property are threatened
Cyber Privacy and Security Insurance—Protects the company from liability and other expenses related to the loss of confidential personal information.