Managers and directors face significant pressure to make decisions that align with the best interests of the business, while also meeting the expectations of various stakeholders, including partners, employees, clients, and shareholders.
In the event of a liability claim, whether from within the company or from an external party, the legal costs and potential damages can be substantial. Without adequate protection, you could risk not only the future of your business but also your personal and family assets.
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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How Coverforce can help
At Coverforce, our expert team of insurance brokers will take the time to assess your individual requirements and exposures and deliver a comprehensive insurance solution that is tailored to your specific needs and budget.
For more information or to speak to one of our brokers about arranging cover, please contact us.
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.
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