While insuring your business, one of the first things that come to your mind is the business's crucial assets as a whole. However, you, as a business owner or Member of the Managerial team, are equally important. Hence, some insurance must protect you while you are busy giving various managerial, executive, or operational directives. If not insured adequately, it may eventually add up to become a huge financial implication for your business.
Management Liability Insurance is a coverage package for directors, officers, managers, and other business entities of the SME market. It protects them against exposures they are presented to and therefore is one of the vital components in any business owners' risk management toolkit.
Management Liability insurance will cover the following risks:
Protects the management of a business in the event of a company's mismanagement while performing managerial duties.
Protects management of the business and the business as a whole, for fines and/or penalties imposed by a regulatory body, for which you are liable to pay for unintentional breaching of the laws.
Provides protection against employment practices liability, including claims of inappropriate redundancy, wrongful termination, and unfair dismissal claims.
Whilst running a business, an owner or any other Managerial person is responsible for making several crucial decisions ranging from employing various staff members, budgeting, and much more. There are times when the decisions are taken may be considered discriminatory or inappropriate as a whole.
Such disputes can prove to be a costlier affair for both an individual and the business. Therefore, Management Liability Insurance is considered a crucial risk management tool for any business owner, as it protects their business against all the allegations of mismanagement. It empowers them financially to defend themselves in court and pay compensation if required.
We at InsuRisk, value the hard work you put towards your business, hence providing you with expert insurance advice and insurance broking services customized to meet your requirements.
We go a step further to ensure a hassle-free claim at the time of liability and safeguard your business against all the odds.
InsuRisk makes availing Management Liability Insurance a whole lot easier. Our team of well-experienced insurance brokers understands your business requirements and offers you online insurance quotes. The management Liability Insurance can be availed in no time with just a few clicks. Going further, the insurance can be renewed in a hassle free manner. InsuRisk cares for your business, hence assisting you in the event of a claim.