Businesses frequently encounter lawsuits, and as a result, they need a comprehensive form of protection. Insurance for management liability in Pennsylvania provides you with three types of coverage: directors and officers liability, employment practices liability, and fiduciary liability insurance. With management liability insurance, you can thoroughly secure your financial assets.
If a company’s director or officer is personally sued, then D&O insurance can cover his or her legal fees. Such a lawsuit could arise if the director or office misused company funds, committed fraud, or failed to comply with workplace laws. Both private and public businesses are vulnerable to these types of claims.
Employment practices liability insurance policies cover directors and officers, management personnel, and employees as insured. This type of insurance comes in handy when disgruntled employees file claims against their employers. Most claims are motivated by workplace harassment, defamation, or breaches of contract.
Fiduciary liability insurance is designed to help businesses that handle employee funds. Companies that offer retirement or health plans are at risk for being sued by employees who claim their funds were mishandled. Claims also arise when employees feel they have been misrepresented or given poor advice.
There are a variety of claims that can be brought against businesses, and insurance for management liability in Pennsylvania offers the necessary protection. With this type of coverage, companies are able to safeguard their assets and reputation.