Do I really need Management Liability Insurance?
Do I really need Management Liability Insurance?
Management Liability is important for all businesses, big and small.
You may believe that your Public Liability policy offers full protection for your business and management, but this is simply not the case.
When running a business, you can be held personally liable for breaches or alleged breaches and incur financially crippling lawsuits.
Management Liability Insurance is designed to protect your directors, managers, and employees (both past and present) if they are sued due to their actions or decisions as part of running your business.
In simple terms Management Liability Insurance covers you against mismanagement.
What can Management Liability cover?
Employment Practises Liability
Designed to protect the company directors, officers and employees for employment breaches.
Examples include unfair dismissal, discrimination, Harassment, Bullying & employee misconducts
Directors & Officers Lability
Designed to protect your company officers and directors involved in the management of your company.
Examples include Manslaughter, Misrepresentation, unfair competition, investigation by the ACCC, Insolvent Trading and Theft of Trade secret.
Statutory Liability
Designed to protect your company directors and officers for fines and penalties incurred due to breach of certain legislation.
Examples include Occupational Health & Safety Breach, Environmental Protection Agency Breach, Building Act Breach & Fair-Trading Act Breach.
Company Liability
Protects you for acts arising from managerial matters such as, Shareholder Disputes, Wrongful Acts, Fraud and Breach of Contract.
Crime Cover
Designed to protect your company from losses arising from dishonest acts including theft and fraud by employees, contacts or shareholders.
Examples include Fraudulent Invoicing, overpaying wages, EFTPOS fraud and theft of company cash.
Did you know most crime cover claims are discovered by accident and are usually committed by the most trusted longstanding employees.
How much does Management Liability Cost?
The cost of Management Liability Insurance depends on a number of factors including the number of employees, annual turnover and business type.
This blog post provides information only. The content of this post, including any information contained in it, has been prepared without considering your requirements, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. You should review the product disclosure statement for any product that the information relates to it before acquiring the product.