Smart Executives Have Liability Insurance
Running your business is hard enough without having to worry about legal attacks on your management practices. From allegations of conflicts of interests to inadvertently releasing non-public information, being a director, officer or board member of a company opens you up to a wide array of legal scrutiny. That’s why smart executives arm themselves with management liability insurance. In today’s complex business environment, its no longer enough to rely on your company to protect you when the going gets rough. Acquiring liability insurance that covers your actions as a member of management is an excellent way to add an extra layer of legal protection when you find yourself listed in a lawsuit.
With lawsuits becoming more and more common in today’s tort-centric environment, having adequate coverage against liability claims is a must for all executives. Should your firm not indemnify its directors and officers in its Corporation By-Laws, management liability insurance covers you if must defend yourself against a lawsuit or pay a settlement. This coverage most commonly provides protection on a claims-made basis, but options exist that allow you to carry your coverage between carriers should you face a life-changing event, such as a job change.
If you’re a business executive, make sure you have the liability coverage you need before you find out its too late.