What Does a Management Liability “Suite” Include? Breaking Down the Coverages

Understanding the risks that come with running a business is essential for every owner, executive and HR professional. Financially protecting your leadership team and company often requires more than just standard business insurance. That’s where a management liability insurance suite emerges as a potentially critical investment.

What Is a Management Liability Suite?

A management liability suite typically refers to a combination of policies that, when combined, can provide several key types of coverage meant to address risks and exposures involving a business’s leaders and decision-makers. This suite can be valuable for many organizations, but may be especially important for larger companies and nonprofits.

What Should Be Included?

Although every company may have at least somewhat unique coverage needs, many management liability suites include the following pillars:

• Directors and officers (D&O) insurance—D&O insurance can help financially protect your company’s leaders from personal losses if they are sued for alleged wrongful acts while managing the business. This can include claims of mismanagement, breach of fiduciary duty or failure to comply with regulations. D&O coverage can also help cover legal defense costs, settlements and judgments, as well as a company’s own interests.
• Employment practices liability insurance (EPLI)—This type of insurance can address the financial fallout arising from claims related to employment practices, such as wrongful termination, discrimination, harassment or retaliation. In New York, where employment laws are robust and claims can be costly, EPLI is often a critical safeguard for businesses of all sizes.
• Fiduciary liability insurance—This coverage can provide financial assistance for issues involving those who manage employee benefit plans, such as retirement or health plans. In the event of claims alleging mismanagement or breach of fiduciary duty, a management liability suite that includes this component can help with legal expenses and other losses.

Why Work With J.A. Faccibene & Associates, Inc.?

Our team understands the unique risks facing businesses in and around Rockville Centre, NY. We work closely with our clients to assess their exposures and put together management liability suites suited to their needs and situations.

Contact us today to assess your options and assemble optimal policies.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.