Running a business exposes directors and managers to legal claims from both internal and external sources. If a claim is made, the costs of defending it and any resulting damages can be significant. Without adequate coverage, you may risk not only the financial security of your business but also your personal and family assets. Management liability insurance offers essential protection against these risks, helping to safeguard both your company and its leadership.
What is Management Liability Insurance?
Management liability insurance is designed to protect businesses and their directors, officers, and managers from a variety of claims that can arise in the day-to-day operation of a company. This coverage typically addresses claims related to employment practices, regulatory investigations, workplace safety issues, and allegations of mismanagement or breach of duty.
Management Liability Insurance also covers the legal costs of defending against these claims, as well as any damages awarded. This protection helps safeguard not just the business but also the personal assets of the individuals in leadership positions who might otherwise be personally liable.
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Corporations found guilty of an offence face penalties up to $15.65M or 10% of annual turnover (capped at $782.5M).
Australian Securities & Investments Commission (ASIC)
Directors who are found personally liable for breaching their duties face significant financial penalties up to $1.565M
Australian Securities & Investments Commission (ASIC)
Unfair dismissal cases can cost managers and directors up to $83,750 per case and this figure goes up every year.
Fair Work Commission (FWC)
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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 arrange cover, please contact us to speak to a member of our team.
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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