We live in a world where lawsuits are common. Private firms are no longer immune from litigation from employees, competitors, and even the government.
Management or professional liability insurance
is not just good business; it is as necessary as heat and lighting for your office. Statutes, federal and state laws change on a regular basis, so it is vital that your company protect its assets with management or professional liability insurance.
What is Included in Miscellaneous Professional Liability?
Usually, management liability can include Directors & Officers Insurance, Employment Practices Liability, Errors & Omissions Liability and event Cyber Liability Insurance.
Miscellaneous Professional Liability Issues
General Coverage Terms
- General Liability Insurance doesnot cover the risks of Employment Liability, Professional Liability, and Directors and Officers Liability. You need a separate insurance policy to cover these risks.
- Defense costs are going up at a rapid rate. Insurance can provide needed defense coverage, even if you are not liable.
- Company owners can be held personally liable for their actions as well as the actions of other managers or executives.
- Coverage for claims brought by partners not involved in the firm’s management
- Mismanagement or negligence in the day-to-day business decisions
- Punitive damages coverage (where insurable by law)
- Coverage for subsidiaries
- Can include all employees
At J.S. Edwards & Sherlock Insurance Agency, our goal is to help you get the right policy to meet the needs of your small business. This can easily be done by creating a customized small business package. What is this? It’s actually a number of different types of coverage all administered through a single plan, each designed to address the concerns inherent with the different aspects of your business types. The major types of insurance typically included in such a plan are:
- Liability insurance
- Business property insurance
- Auto insurance for company vehicles
- Professional Liability
- Workers compensation coverage