Tips to help prepare your business and employees for a fire
Every business should be prepared for a fire — they rarely occur but their effects can be devastating. Being ready involves more than just having fire
Management Liability Insurance
As a leader of a corporation, you take on a high level of risk, as you may be held personally liable for alleged wrongdoings in managing the company.
Management Liability insurance, or Directors and Officers (D&O) insurance, is designed to protect your corporation’s directors and officers from personal financial loss that may result from lawsuits alleging wrongful acts or mismanagement carried out in their appointed capacity.
Who should consider management liability insurance?
Directors and officers of both private and non-profit Canadian corporations should consider management liability insurance.
- Development-stage corporations, without operations or revenue
- Newly incorporated entities
- Privately held corporations with a single shareholder
- Charities and foundations
- Social advocacy groups
- Business and professional associations
- Organizations in healthcare, social services, advocacy, culture, and recreation
How can management liability insurance protect your business?
In your role as director or officer of a corporation, you may face allegations of wrongdoing and misconduct. This can include:
- Accusations of mismanagement
- Breach of fiduciary duties
- Misrepresentation to stakeholders, creditors, and others
- Failure to comply with federal or provincial laws and regulations governing environmental practices, occupational health and safety, employment practices, and human rights
Manage your risk with Northbridge
As a leader, you face many different challenges every day. Our team of experts can help assess your risks and tailor a management liability policy to help protect you. They can also work with you to develop a risk management program that can help prevent future losses to your organization. Visit our Risk Services page today to learn more.
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