Management Liability Insurance

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Management Liability Insurance

Managers and Directors are under a great deal of pressure to run a business properly and can be liable to a variety of stakeholders for their business decisions. This could include partners, employees, clients and shareholders.

If a claim is made against a company director or manager from someone within or outside the company, the associated legal costs and damages can be significant. If you are not adequately covered, you may leave yourself at risk of losing not only your business but your personal and family assets too.

Management Liability Insurance protects the personal assets of Directors and Officers against legal liability that can be brought against you personally through managing a business.

At Coverforce, we understand that without the right cover you could be putting your business and personal finances at risk. That’s why we will take the time to assess your risk management requirements and exposures and deliver an insurance solution that best meets the specific needs of your business.

Help protect your business against major loss. Contact your local Coverforce office and see how we can help you.

Do I need Management Liability Insurance?

You should consider taking out Management Liability Insurance if you sit on the board of a proprietary/private company or any business.

The likelihood of something happening is unpredictable and the associated legal fees that can arise when an incident occurs can be financially crippling. That is why it is important to make sure you are adequately covered.

Claims against you or your business could include:

  • Bullying
  • Breach of Duty
  • Defamation
  • Discrimination
  • Fraud
  • Harassment
  • Occupational Health and Safety
  • Theft by employees or contractors
  • Unfair dismissal

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What does this Insurance cover?

Management Liability Insurance is popular for Propriety/Private companies and will typically include the risks outlined below.

Please note Management Liability Insurance includes Directors and Officers Insurance.

For each risk included in your policy you will generally be covered for:

  • Damages and claimant costs awarded against you
  • Legal costs
  • Investigation costs
  • Civil fines and penalties
  • Representation costs where you are legally required to attend an inquiry or investigation regarding company affairs

Directors and Officers Liabilities

Protects past, present and future Directors and Officers plus anyone else involved in the management of a company for claims of wrongful acts. Claim examples include unfair competition, fraud, manslaughter and insolvent trading.

Employment Practices Liabilities

Covers the company, Directors, Officers and employees for claims made by current, past and future employees. Claim examples include bullying, harassment, unfair dismissal and discrimination.

Statutory Liabilities

Covers individuals and the company for fines from operating the business including workers compensation and occupational health and safety fines. Claim examples include OH&S fines, environmental fines and civil penalties.

Crime Cover

Covers the company for loss from dishonest acts including theft and fraud by your employees.

Corporate Entity Liabilities

Covers the company for mismanagement allegations such as fraud and shareholder disputes. This is extremely important for companies owned by Directors involved in the business because a claim made against the company is often also made against the owner or Director. Claim examples include wrongful acts, fraud and shareholder disputes.

Important Tips

  • Please note that not all liabilities by a Director or Officer impact the company itself.
  • Managers and employees can also be liable in addition to Directors and Officers.
  • Directors and Officers are often unaware of their full regulatory responsibilities due to the constantly changing environment.
Note - Management Liability Insurance is different from Professional Indemnity Insurance.

  • Management liability Insurance covers you against allegations you mismanaged your company.
  • Professional Indemnity Insurance protects you against claims from clients and third parties regarding professional advice or services you’ve provided.

To find out more, visit our Professional Indemnity Page.

How Coverforce can help

For more information or to arrange cover, please contact our specialised team at our Coverforce Office.

Alternatively, you can simply fill out a Management Liability Insurance Quote Form below and one of our insurance brokers will get in touch with you within one business day.

Request a quote

Simply fill out the form below and we will get back to you within 1-2 business days. Alternatively, should you prefer to speak to someone right now, call 1300 503 503 to talk to a qualified broker.

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Are you looking for expert risk advice and great value cover for your business? Call us to speak to a Coverforce insurance broker today.

Our Insurance Brokers service clients throughout Australia, with key offices in Sydney, Melbourne, Brisbane, Adelaide and Perth.

Our global insurance network

Our brokers can access more than 100 insurers across the globe to find your business quality cover at the right price.

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