Tag: Reducing Administration
In every decision of business operations or management, there is an inherent risk. Regardless of the size of your business or what industry you operate in, there is the potential for legal action taken against your company, your board, and the executive team. There is a risk transfer tool that can be utilized to safeguard the company funds as well as the personal assets of those in management. A management liability policy is a cost-effective way to address these exposures.
With insurance policies, there is rarely a one-size-fits-all plan. There are many variables that affect both the risks and corresponding activities to settle a claim, and your plan should be carefully tailored to the needs of your company. The professionals at https://www.usrisk.com/ advise working with an insurance agent for a packaged option that meets the liability needs. Usually, these packages include:
Directors and Officers Liability
Employment Practices Liability
A plan will typically cover the legal costs associated with a defense against a claim or judgment awarded against them. The policies will often include structured approaches to limits, which can impact how much is covered. If activities have occurred to willfully harm the customer or were unlawfully conducted, the insurance company will not assist with the litigation costs.
For the best understanding of your company’s exposures, a risk management assessment might be a good investment. Knowing the areas of risk help you craft a more specific and comprehensive liability insurance plan.