Manufacturers face unique challenges in the marketplace, such as regulatory requirements, workplace safety protocols, supply chain disruptions, employee retention volatility and economic volatility. It is crucial that manufacturing firms maintain proper management liability insurance to protect their organizations and the personal assets of senior management from liability risks as they navigate difficult decisions and their fiduciary duties.
Management liability insurance protects corporations and individual board members from lawsuits that could be brought by shareholders, regulatory agencies, creditors, employees and competitors. Reasons for such lawsuits could include breaches of fiduciary duties, violations of employment laws and errors in managing employee benefit plans.
Things to look for when evaluating coverages and resources for a management liability policy include the following:
- $1 million additional Side A limit (available on limits up to $4 million) to protect the personal assets of individual directors when the company is unable to provide indemnification
- Lifetime Occurrence Reporting Provision for former directors and officers
- Wage and hour coverage including both defense cost and indemnity
- Value-added support services, such as COVID-19 business resources, that help policyholders run their businesses
Devon Park Specialty’s Executive ViewPoint (EVP) management liability product includes all of the above and many more important coverage features for our insureds.
Additionally, manufacturers are one of the top class of business we have been successfully writing. We are also seeing success in the technology industry segment and with specialty trade construction companies.
For more information or a quote, please contact your Devon Park Specialty underwriter.
