Management of Companies Insurance
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How the Management of Companies and Insurance Connect:
As a business owner who manages different companies, your job is to limit risks that your clients could encounter.
There are a limited number of insurance needs that are particular to management companies. We help owners and managers of companies better understand their insurance product needs.
What Insurance Does the Management of Companies Industry Need?
Employment Practice Liability Insurance, or EPLI, protects businesses against claims of discrimination in the hiring or firing process.
Example... You interview several candidates for a position and decide not to hire any of them, but one of them sues your company for gender discrimination. EPLI covers your business' legal defense costs.
A Business Owners Policy, or BOP, is a packaged deal and combines the features of several different insurance products, including General Liability and Property Insurance.
Example... A manager of one of your wholly owned subsidiaries slips on a wet floor with no caution sign and he sues your business for damages. The General Liability feature of a BOP could help insure against liability.
Directors and Officers Insurance policy protects you against claims made against decisions from the head of a company (you).
Example... Decisions made by the board of directors lead to a drop in share value and the shareholders sue the company for judgment errors and improper management of their holdings. D&O covers this liability.
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FAQs: Management of Companies Insurance
If I manage companies, why would I need insurance?
Those responsible for the management of companies are in a unique position. Much of this is because this industry does not produce any goods or provide any services. However, as a management company often holds a majority share of stocks in different companies, the associated benefits (and risks) reside in the stock market.
Although the purpose of the company is to limit certain risks associated with direct business ownership, these businesses are not wholly hazard-free ventures.
Owners and operators who specialize in this industry are typically aware of the risks involved with managing a majority of the shares in different companies.
With the ability to decide on the direction of owned companies, directors and officers in this industry must be conscious of what problems may arise as a result of that authority.
Who else needs Management of Companies insurance?
Any company registered as an LLC or LLP, and that owns other companies as wholly owned subsidiaries, should purchase insurance products related to the industry.
Defined as holding companies, businesses in this industry who need insurance can include:Banking organizations, Entertainment or Media organizations, Food industry organizations and Brokerage firms.
How Much Does Management of Companies Insurance Cost?
The management of companies industry insurance costs will depend on several factors. This can include how many shares your company owns, how many individuals your business employs, where your company operates and several other areas related to your business operations.
Get a quote to get a better idea of the cost.