If a claim is made against a company director or manager, the associated legal costs and damages can be significant.
Management Liability Insurance protects the personal assets of directors, officers and managers, against legal liability that can be brought against them through managing a business.
What does this insurance cover?
For each risk included in your policy you will generally be covered for:
- Damages and claimant costs awarded against you
- Legal costs
- Investigation costs
- Civil fines and penalties
- Representation costs where you are legally required to attend an inquiry or investigation regarding company affairs.
Directors and 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 more information or to arrange Management Liability Insurance for your business, contact us today.
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