Why do I need management liability insurance?
The law around business decisions, mistakes and wrongful acts is complex. If you don’t have the right coverage, your business, your own and even your employee’s assets could be on the line. If someone (and it can be anyone from an investor, to a customer) thinks you, or one of your staff, has made a bad decision, they can sue for mismanagement. And that will cost you – even if the case is groundless.
Management liability insurance is a package of different products all designed to cover you, your key people and your firm for its actions. Just choose the policies you want, to suit your needs.
How much cover do I need?
You'll need to decide what level of cover is best for you. If you’re not sure what level of cover is right for your business, take advice from legal counsel. But it's always best to over-estimate. Lawyers' fees, compensation and court costs can go through the roof. So, imagine the worst-case scenario. Then pick a figure you can realistically afford.
Can I take out a policy if my business is based abroad?
No, sorry. Your business must be located in a state we’re licensed to write coverage in. However, your business activities abroad will be covered, as long as a claim is brought in the U.S., one of its territories, or Canada. If you’re based in the U.K. our sister company, PolicyBee, can help.
Can I make changes to the policy once I've taken it out?
Sure. You can make changes to your coverage limits and deductibles, as well as things like your address. Just give us a call or send us an email. Just remember that if you change your address, your new premises need to meet the program requirements.
How easy is it to cancel a policy?
Very easy. If you want to cancel your policy, just give us a call and confirm your request by email. You'll only pay for your coverage up to the date you cancel.