Management Liability Insurance
Businesses have a lot to worry about in today’s litigious society. Unfortunately, many of the risks that businesses face have to do with the management of the business, rather than the products the businesses supply or the customers they serve.
With so many different types of liability risks affecting businesses today, it’s a good idea to consider management liability insurance to help defend your business against unexpected claims and lawsuits.
Otterstedt Insurance Agency understands that it’s nearly impossible to cover every conceivable contingency with appropriate insurance coverage. That is why we offer management liability insurance. It’s our way of offering a product designed to catch things that slip through the cracks in your traditional business and management insurance coverages.
Types of Management Liability Coverage
There are several different policies and coverages that fall beneath the umbrella of management liability insurance, including the following:
- Directors and Officers Liability Insurance (D&O) – Offers protection for directors, officers, and board members of privately owned companies against claims of wrongful acts made against them.
- Employment Practices Liability Insurance (EPLI) – Provides protection from damages related to claims of wrongful hiring or employment practices.
- Fiduciary Liability Insurance – Protects personnel responsible for administering and/or managing pension, health, retirement, and similar employee benefits accused of breaching their fiduciary responsibilities.
- Errors and Omissions (E&O) or Professional Liability Insurance – Protects professionals against claims of errors or wrongdoing in the course of performing professional services for others.
- Cyber Liability Insurance – Offers protection in the event that privacy is violated as a result of a data breach.
- Employee Benefits Liability Insurance (EBLI) – Protects employees responsible for managing benefits in the event that mistakes are made in the administration of those responsibilities.
Each one offers important protection for most businesses operating in today’s business climate. Each type of coverage is specific to the management issues and protection it offers. However, not all types of coverage are necessary for all types of businesses. At Otterstedt Insurance Agency we work with you to determine which types of insurance coverage your business needs most. Our goal is to help you make informed decisions about your insurance coverage needs for management liability insurance and so much more.
Other Types of Management Liability Insurance
Crime insurance and kidnap and ransom insurance are other types of management liability insurance you may want to consider for your business. Crime insurance doesn’t mean that you’re planning to commit crimes with your business. It simply offers protection should one of your employees commit crimes, such as fraud, embezzlement, property destruction, theft, or forgeries in their capacities as representatives of your business. Businesses operating in some parts of the world cannot afford to operate without the benefit of kidnap and ransom insurance while it is a good idea for many businesses to have for protection of key personnel.
Why Otterstedt Insurance Agency?
Otterstedt Insurance Agency has a long history of serving New Jersey businesses. We have represented businesses throughout the state since 1919 and are excited to see what the next century of service will bring.
During this time we’ve honed our skills, improved our service, and raised our standards. We offer a wide range of management liability insurance products that are sure to meet the needs of your business without sacrificing vital coverage in favor of cut-rate costs. We believe in offering high quality coverage without selling you more coverage than you actually need to protect your business interests.