Executive Liability Insurance
In today's legal environment, executive liability coverage is an integral part of managing a racetrack facility. Owners of racetracks have a legal responsibility to investors, employees, race teams, and individual competitors for their business decisions. These decisions include those of fiscal performance, contract disputes, mishandling of money, payroll contributions, hiring and firing, discrimination, and sexual harassment among other issues. Mismanagement of any of these obligations can incur personal liability to the track owner or executive level employees, as well as to the racetrack and all related entities.
How Does Executive Liability Insurance Help Your Business?
Executive Liability Insurance protects your racetrack management team against claims arising from mismanagement of your company. Insurance coverage can benefit you in the following ways:
- Coverage for all directors and executive-level employees of your racetrack.
- Coverage that indemnifies all officers and executives that serve on a board.
- Coverage for your company for third-party financial loss and damage.
Executive Liability Insurance Consultation
Our motorsports insurance brokerage team invests its efforts, skills, and experience into developing a sound understanding of your organization. We then use that knowledge to differentiate your company to the underwriting community in order to obtain optimal risk transfer options.
Each insurance provider has a unique policy form that must be customized to provide both the breadth of coverage and flexibility of claims handling that is right for your company. We provide a consultative approach to managing executive risk encompassing the perspectives of the internal executive team and the requirements of outside directors. Our professionals are focused on executive liability and bring a wide range of skills to bear for our customers.
Protection for Private Entities
Executive liability insurance is often perceived as a necessary component of protection for publicly traded companies. As your insurance brokers, however, we can provide the same coverage for your private race track or racing team. The reason executive liability insurance is applicable to you is because your privately-owned company faces the same risks as publicly traded companies. Decisions made by your management team can quickly impact the finances and operations within your company. Some of the decisions any high-level employee makes can be costly enough to exceed the net worth of your operation. This is especially true in a high-risk industry like motorsports.
Contact Us Today for a No-Obligation Insurance Quote
Jones Birdsong provides comprehensive executive liability insurance for racetrack owners, race teams, and other racing entities in motorsports racing. As brokers, we work for our clients—not the insurance companies. We can represent your company and get you the best insurance coverage available. To get a quick quote, contact us today at 952-521-4526, or you can message us at tendsley@jonesbirdsong.com.