6 Tips for Taking Out Management Liability Insurance
Whatever your reasons for deciding to take out a new policy of management liability insurance, we’re here to help. It can be intimidating taking out a new policy of any kind for your business, especially if you’ve not ventured into management liability cover before.
That’s why we’ve put together some top tips for taking out management liability cover, and answers to some popular questions about this type of commercial insurance. After all, for your business insurance, it has to be Higos.
1. Don’t Underestimate Management Liability Insurance
Many business owners may overlook management liability insurance as something that they don’t necessarily need, especially if your business is on the smaller side. They may see this type of cover as an unnecessary expense, especially as cover can be costly without the proper help.
The truth is that any business, big or small, can be subject to risk in this area. For example, if a claim is made against you by an employee for wrongful termination, or you are found to be non-compliant for a specific regulation in your industry. These types of risks can happen to anyone, and having this type of cover will reassure you.
Find out more about management liability coverage for your small business.
2. Understand the Unique Risks of Your Business
Although it may sound obvious, knowing the risks that are unique to you and your business is vital to finding the right cover, and ensuring you’re not overpaying for cover you don’t need.
Making sure that you have a clear view of your responsibilities as a business and as a manager or owner, then assessing the risk of these is key to management liability insurance.
If you’re not sure about your risk level or the type of cover you need, Higos have specialist risk management insurance that can help – just get in touch.
3. Be Aware of Exclusions
When arranging your management liability coverage, make sure to ask your insurance broker or insurer of any exclusions that apply to your policy. For example, some management liability insurance policies exclude product liability, or pollution, or similar. Just like any business insurance product, be aware of what you may not be covered by, and consider additional cover if needed.
4. Understand the Differences Between Policies
There are a number of commercial insurance policy types that are often misconstrued as the same, or confused with one another. Public liability insurance, management liability insurance, and professional indemnity insurance are the core examples.
Understanding the differences between these types of insurance is highly important so you know exactly what kind of cover you have, and what is needed for your business in particular.
5. Update Your Cover As Needed
Just like with any other insurance policy, it’s vitally important that you keep your cover up to date as your circumstances change. If the details of your business change such as your address, your team size, or your risks, make sure to let your insurer know. It’s also important to keep an eye on your management liability cover as your business changes to ensure you’re still being covered for everything you need to be.
6. Tailor Your Management Liability Insurance To Your Needs
Our biggest tip for taking out new management liability insurance is to use professional commercial insurers brokers like Higos.
With a specialist broker, you’ll have access to insurers across the UK and expert advice to help you find the right cover for you.
At Higos, we’re dedicated to finding the right management liability insurance policy for you and your business. To get a quote, just call us on 01458 270323, or get in touch with your local branch.