Why Management Liability Insurance Matters
Business owners, directors and officers can be exposed to personal and corporate liability arising from the everyday decisions involved in running a company, even when those decisions are made in good faith. Management Liability Insurance protects businesses and their management teams against the financial consequences of claims arising from alleged wrongful acts, breaches of duty or employment-related disputes in the course of managing the business.
What is Management Liability Insurance?
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.
Claims that can be made against you or your business could include bullying, breach of duty, discrimination, fraud, harassment, OHS, unfair dismissal etc.
Management Liability Insurance is popular for Propriety/Private companies and will typically include:
- Directors & 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.
For each risk included in your policy, you will generally be covered for damages and claimant costs awarded against you, legal and investigation costs, civil fines and penalties and representation costs where you are legally required to attend an inquiry or investigation.
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Who is Management Liability Insurance suitable for?
SMEs | Private Companies | Employers | Businesses Undergoing Growth or Restructuring | Family Businesses | Regulated Industries
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Employment disputes, regulatory investigations and management decisions all carry a degree of risk, even for well-run businesses. Our brokers will assess your exposures and help to arrange Management Liability cover that is suited to your business structure and size.
For more information or to arrange cover, please contact us or simply fill out the Management Liability Insurance quote form below and one of our insurance brokers will get in touch in one business day.
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