Management Decisions Can Be Risky
A Professional Liability Update
You make decisions every day that can come back to bite you. You may not think so, but in this day of litigiousness, your business may be at risk. One way to manage your risk is to consider management liability insurance. 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.
Issues to Consider
- General Liability Insurance does not cover the risks of Employment Liability, Professional Liability, or Directors and Officers Liability. You need a separate insurance policy to cover these risks.
- Defense costs are going up at a rapid rate. Management liability 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.
- Twenty five percent of private firms have had some sort of employment issue that could not be resolved without legal counsel involvement. The average defense costs are $250 per hour.
- Many firms fail to purchase Cyber Insurance. However, the average cost of each compromised record is around $175.00. Most states have laws requiring notification if you have had an incident.
The best thing you can do is call our office and have us provide you with a risk review, including coverage options. Once you have had a chance to review coverage and pricing, then you can make an informed decision.
Innovative Insurance Services LLC understands the value of good employees. We know that your day-to-day operations depend on their hard work, expertise, and dedication, and if you supply them with quality benefits and plans, they can work with the peace of mind assurance that they are properly protected. Innovative Insurance Services LLC provides insurance to businesses in Shakopee, Savage, Prior Lake, Bloomington, Eden Prairie, Burnsville, and surrounding areas.