Management liability insurance is an important business cover to have. Unfortunately it can sometimes be overlooked by businesses and organisations.
A management liability insurance policy typically includes:
- Directors and Officers Liability: Protect your personal assets against losses arising from claims of wrongful acts by directors or officers.
- Company Reimbursement: Your company can be reimbursed for payments it makes to indemnify directors or officers against claims relating to their actions as directors or officers.
- Corporate Liability: This covers wrongful acts of the company (not just of directors), officers and employees. It’s a way of covering financial penalties and defends against pollution and occupational health and safety proceedings.
- Employment Practice Liability: Protect your business against losses resulting from claims made by employees (or potential employees) for employment related matters.
- Trustee Liability: This covers trustees for losses caused by wrongful acts in connection with decisions about superannuation funds.
- Employee Crime: Cover for direct financial loss to the company resulting from a single act or series of related, continuous or repeated acts of fraud, dishonesty or theft committed by an employee, acting alone or in collusion with others.
- Business Crisis Consultant Fees: Cover for fees incurred in responding to a business crisis event, including independent management consultants.
Who can bring action against a company, it's directors, officers and employees?
- Regulators (e.g. ACCC, ASIC &the ATO)
- Employees
- Competitors
- Creditors
- Shareholders (especially minority shareholders)
- Clients
- Liquidators/Administrators
Management liability "package" policies are available to privately held firms, not-for-profit organizations, and small publicly traded companies.
For more information on Management Liability Insurance , speak to a qualified broker today on (03) 9791 6688.
