The demands of both, running the business and providing ever-broadening professional services to clients, often require that the firm delegate management responsibility among dedicated committees. This corporate management structure exposes the partners and shareholders to many of the same liability risks experienced by directors and officers of corporate entities.
Management Liability, for Professional firms such as law firms, covers claims of mismanagement or negligence in the day-to-day business decisions made by a law firm’s management committee or executive officers, an internal exposure that traditional directors and officers (D&O) and errors and omissions (E&O) liability insurance policies do not generally provide.
AHERN ADVANTAGE
- Coverage for claims brought by partners not involved in the firm’s management
- Coverage for partnership agreement and compensation disputes
- Business tort coverage, such as for claims for interference with contractual relations
