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What is not covered by Management Liability Insurance? There are many incidents that insurance cannot cover. These include,
- Physical injury
- Business bankruptcy
- Civil fines and penalties
- Claims of data breach or other cyber criminal activity
- Criminal conduct and dishonesty by the administration.
- Property damage
- Legislation violations
- Pre-existing events known to the company before signing the policy
Which Businesses Need Management Liability Insurance?
If your business is large enough to have multiple levels of managers or directors, you should consider having a management liability insurance policy. True, it doesn't matter how careful your managers are or how honest you are with your directors. Not all claims against your business are due to maladministration or dishonesty. Being unaware of the rules or other details will not serve as a defense.
**For example**
Miles owns a modern clothing business. He procures his goods from various small manufacturers who use ethical labor methods and responsible procurement. Proud of his efforts to help workers and the planet, Miles publicizes these facts. However, her buyer, unknowingly, was buying products made by children using synthetic materials. Myles' company was named in the lawsuit for misleading advertising and fines. Administrative Liability Insurance provided financial support to defend the case and paid the fine. So, although there was no intention to deceive customers, Myles and his managers were reckless because they bought clothes from an unscrupulous manufacturer.
Sorting through business insurance can be frustrating. You need to know that Grace Insurance is with you every step of the way. Our experienced team is dedicated to finding the best coverage for clients regardless of the size of your business.
At Grace Insurance, we pride ourselves on providing the best customer service to all our clients. If you have questions about administrative liability insurance or other types of business coverage, don't hesitate. Contact Grace Insurance right away. We will give you the answers you need.
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** PLEASE NOTE ** The content shared here is for informational use only. It is not intended to replace the advice with an insurance expert and does not constitute binding insurance advice.
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