We live in a world where lawsuits are common. Private firms in Colorado are no longer immune from litigation from employees, competitors, and even the government. Colorado 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 Management Liability?
Usually management liability can include Directors & Officers Insurance, Employment Practices Liability, Errors & Omissions Liability and event Cyber Liability Insurance.
Management Liability Issues
- General Liability Insurance does not 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