Defend Against Costly Employment Allegations with Management Liability
Insurance

Healthcare practices of all sizes need Management Liability Insurance to safeguard against allegations from employees, patients, vendors, and independent contractors.

These risks can include liability claims, lawsuits, and short- or long-term interruption to your business. Conveniently, a Management Liability Insurance bundles protection for your business across three key coverage categories — Employment Practices Liability Insurance (EPLI), Fiduciary Liability, and Directors & Officers Liability Insurance (D&O) — into a single business policy. A cost-effective choice, a Management Liability Insurance policy reduces your overall insurance investment compared to managing the same risks with separate policies.

MSVIA’s Management Liability Insurance protects you and your practice with:

• Employment Practices Liability Insurance (EPLI) protects against allegations related to the employment process, including wrongful termination, harassment, discrimination, and FMLA violation. EPLI policies help you be proactive by providing helpful tools and resources to policyholders at no charge, including sample applications, exit interview forms, reprimand letters, and employee handbooks. Many also offer web-based training and articles with relevant tips, information, and updates, to help you and your practice continue to put your best foot forward.
• Fiduciary Liability covers your organization and anyone with fiduciary responsibilities — by duties, not titles — to act in the best interests of retirement and benefits plan participants and beneficiaries, including choosing an investment firm, administering and monitoring the plan, and transferring or disposing of assets. It’s important to note your practice and your fiduciaries are still liable for selection and continued oversight of an outside investment firm, even if the outside firm is cited for errors or omissions in plan management.
• Directors & Officers Liability (D&O) covers your organization and its directors, officers, and partners from business-related allegations — made by employees as well as competitors, lenders, suppliers, customers, and other shareholders — that can include breach of contract, conflict of interest, using company assets for personal gain, misrepresentation, financial mismanagement, and lack of due diligence.

Management Liability Insurance is essential to protect your practice’s financial stability, reputation, and business continuity, so you can continue to deliver the level of service your patients rely on, and provide the income on which your employees and your family depend. For every business owner, being prepared and knowing you’re covered if something does happen gives you valuable, vital peace of mind. Our team of Virginia healthcare insurance experts will help you identify and understand the options that offer you best protection. We think beyond the short-term to position you and your practice for security, stability, and strength on the road ahead. More than the products we provide, we’re the partnership that protects.

• Providers with Employer Insurance: You do not need additional personal coverage with Management Liability Insurance. Your employer should have business insurance coverage for EPLI, fiduciary liability, and D&O. However, if your employer’s insurance does not cover third-party allegations from patients and vendors, you will need your own EPLI policy with third-party coverage to ensure you are protected.
• Independent Providers: Even if you don’t have employees, you need a Management Liability Insurance policy with complete D&O coverage as well as specific third-party EPLI coverage, which protects you against allegations from independent contractors, patients, and vendors.
• Small Practices and Physician Groups: You need Management Liability Insurance to protect yourself, your executives, your employees, and your business. A policy with specific third-party EPLI coverage will also protect you against allegations from independent contractors, patients, and vendors. The Fiduciary Liability component is particularly important for smaller organizations that may not have the personnel or resources to evaluate advice and service provided by outside plan providers.
• Large Practices and Health Systems: You need Management Liability Insurance to protect yourself, your executives, your employees, and your business. A policy with specific third-party EPLI coverage will also protect you against allegations from independent contractors, patients, and vendors.
• Students: Full-time and part-time students do not need traditional Management Liability Insurance coverage to protect yourself where you are working and learning, as that school or business should have coverage. You do, however, need a policy with specific third-party EPLI coverage, which protects you against allegations from independent contractors, patients, and vendors with whom you may interact.