Managers and Directors are under a great deal of pressure to run a busines 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 by your personal and family assets too.
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 Westminster Coverforce Can Help
At Westminster Coverforce, we understand that without the right protection you could be putting your business and personal finances at risk. That's why we will take the time to assess your risk requirements and exposures and deliver an insurance soltion that best meets the specific needs of your business.
For more information or to arrange cover, please contact our team at 08 6210 8888. Alternatively, you can simply fill out the quote form below and one of our insurance brokers will get in touch with you shortly.
