Management Liability coverage for the wholesale market
Delivering speed from quoting to policy issuance
Zurich North America and Cowbell have collaborated to bring the Zurich Select Plus management liability product—a modular solution designed to meet the substantial coverage needs of large companies—to small and medium-sized private businesses through the efficiency and speed of an API powered technology platform. This versatile and tailored suite of protections aims to equip these enterprises with the necessary tools to help navigate a complex legal landscape. This solution is offered on Zurich admitted paper and is backed by the reputable Zurich Claims service, ensuring reliable support and coverage with increased speed and efficiency.
Protect your small to midsize business with Zurich’s Select Plus Management Liability solutions
Many small and midsize businesses may mistakenly believe that they are immune from the liability challenges typically associated with larger corporations. However, the reality is that these smaller private organizations often face similar legal entanglements, including lawsuits over financial disclosures, breaches of fiduciary trust, employment practices, and third-party liability matters. In today’s increasingly litigious environment, the risk landscape for companies of all sizes is expanding, rendering them more vulnerable than ever before. Recognizing these escalating risks, Zurich E&S has introduced the Select Plus product tailored specifically for small to midsize businesses.
Zurich’s Select Plus for small to medium-sized private businesses, powered by Cowbell, is a modular suite of four coverages. You can build an insurance solution that adapts to your client’s needs by combining up to four of the following coverage options:
Targeted industries
- Specialty Chemicals
- Technology
- Energy/Utilities
- Construction
- Industrial Machinery, Tools, and Equipment
- Manufacturing
- Hospitality (Hotels/Restaurants)
- Retail
- Integrated Freight & Logistics
Resources
Select plus for small business fact sheet
FAQ
Management liability is a broad term that encompasses a range of coverages designed to protect a business and its management team from various risks. It typically includes:
- Directors and Officers (D&O) Liability: Protects the personal assets of directors and officers and the financial assets of the company against claims made for alleged wrongful acts in their capacity as directors and officers.
- Employment Practices Liability (EPL): Covers claims related to employment practices, such as discrimination, wrongful termination, harassment, and other employment-related issues.
- Fiduciary Liability: Protects against claims arising from breaches of fiduciary duties related to employee benefit plans.
- Crime Coverage: Protects against losses resulting from criminal acts such as theft, fraud, and embezzlement by employees or third parties.
D&O liability insurance is a specific type of management liability coverage that focuses on protecting the personal assets of directors and officers and the financial assets of the company against claims made for alleged wrongful acts in their capacity as directors and officers. It covers legal fees, settlements, and other costs associated with defending against such claims.
Management liability coverage is essential for your company for several reasons:
- Protection for Directors and Officers: It provides coverage for the personal assets of directors and officers in the event they are sued for wrongful acts while managing the company. This includes decisions made on behalf of the company.
- Legal Expense Coverage: It covers legal fees, settlements, and other costs associated with defending the company and its management against lawsuits, investigations, or regulatory actions.
- Attracting and Retaining Talent: Having management liability insurance can make your company more attractive to potential directors and officers, as they will feel more secure knowing they are protected.
- Business Continuity: Lawsuits and legal actions can be financially draining and disrupt business operations. Management liability coverage helps ensure the business can continue operating smoothly despite legal challenges.
- Regulatory Compliance: It offers protection in case of non-compliance with regulations and laws, which can be complex and vary by industry and region.
- Reputation Management: In case of a lawsuit or regulatory action, having management liability insurance can help manage the company's reputation by handling claims efficiently and effectively.
Overall, management liability coverage is a crucial risk management tool to protect the company and its leaders from potentially devastating financial losses and legal challenges.
The most common management liability claims typically fall under employment practices liability (EPL). Some of the most frequent claims in this category include:
- Discrimination: Claims alleging discriminatory practices based on race, gender, age, disability, religion, or other protected characteristics.
- Wrongful Termination: Claims alleging that an employee was wrongfully terminated or laid off in violation of employment laws or company policies.
- Harassment: Claims of workplace harassment, including sexual harassment and hostile work environment allegations.
- Retaliation: Claims alleging retaliation against an employee for engaging in legally protected activities, such as filing a complaint or whistleblowing.
