Axis insurance agency
Likewise, your agent should check that you aren’t paying for too high of a limit, as that can needlessly cost you in premiums.

What Your Management Liability Policy Should Cover

Every day, manager and executives in your company make significant decisions that can affect your business’ financial future. The Axis insurance agency understands that these managers may make a mistake from time to time. Even if they don’t, you need something to cover legal fees if an employee files an erroneous suit. Management liability policies can cover these mistakes and lawsuits. Below are a few significant features your plan should have.

Covers Company and Managers

Agents at the Axis insurance agency check your policy to be sure that your entire company is covered by the policy. Furthermore, your plan should cover individuals that may be brought into a lawsuit. Please note that no policy can include illegal activity.

Fines, Penalties, and Punitive Damages

Lesser policies may cover either fines, penalties, or punitive damages, but not all three. It’s essential to understand that these three terms are similar, but they have different legal meanings. The Axis insurance agency can be sure that your policy covers all types of legal fees that your company may incur.

Sufficient Policy Limits

All liability plans have limits on payouts. It’s important to be sure that your policy’s ceiling is not too low. After all, that could put your company in financial trouble. Likewise, your agent should check that you aren’t paying for too high of a limit, as that can needlessly cost you in premiums.

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