What is Management Liability Insurance?
Management liability insurance offers a combination of three types of coverage:
- Directors and officers (or D&O) coverage provides protection in the event legal action is brought against the directors or officers of a company. Common types of claims include breach of fiduciary duties, wrongful termination, or deceptive business practices. Without proper protection, board members’ business assets can become vulnerable to claims and litigation. D&O insurance allows board members to make business decisions without fear of any personal liability. However, D&O insurance does not cover intentional illegal acts.
- Employment practices liability covers claims regarding employees, such as wrongful discipline or termination, sexual harassment, breach of employment contract, and discrimination.
- Fiduciary liability insurance protects those employees and your company, in the event a claim is made against you. Fiduciary liability insurance also covers the fiduciary relationship between an attorney and their client. Also, if your company provides benefits to employees through health and retirement plans, anyone involved with the management of that plan has a fiduciary responsibility.
Selective can also tailor your policy to include certain additional coverages like workplace violence or crime insurance.
Find a local independent insurance agent to create your custom management liability insurance policy today. Don’t forget to ask about Selective’s value-added services, like PaySync®, Digital Policy, and our Mobile App.
For more information on the types of business insurance solutions Selective Insurance offers, visit Insurance Coverages for Your Business.