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Everyone loves a surprise, except when you are a company director. If you own or are involved in the management of a company, you carry specific responsibilities which may leave you personally liable if you breach them.
The changing regulatory environment in Australia has increased the operating risk for businesses of all sizes. As a company director, officer or senior manager, you need to be on your A-game all the time to protect the financial wellbeing of the company and potentially, your personal assests. Management liability insurance* protects directors and officers and the insured company itself from the many exposures relating to the management of a company.
Think of it like this: where Professional Indemnity insurance covers the advice or service you provide to your clients, Management Liability insurance covers the risks that arise from running your business.
You can tailor your Management Liability policy to suit your businesses’ needs. Types of coverage you can take out include:
Directors & Officers Liability – protects directors and officers from losses due to claims of actual or alleged wrongful acts in their role as a director or officer. If the company indemnifies the director or officer for such liability, it will be entitled to cover under the Company Reimbursement section of the policy
Corporate Liability – protects your company against claims of alleged or actual wrongful acts by it (as opposed to claims being made against the directors or officers).
Employment Practices Liability – which covers a company from claims made by employees in relation to their employment conditions or breaches of employment laws. This can include claims alleging unfair dismissal or discrimination.
Crime – covers you against direct financial loss as a result of theft or attempted theft from your business premises.
Statutory Liability – covers the company, senior management and employees for allegations of wrongful breaches of key legislation in the course of the Insured’s business. The policy will meet fines and penalties payable in specified circumstances and related legal expenses
With potential penalties that range from hefty fines all the way through to disqualification, there is a clear need for an effective way to protect your business.
You’ve done the hard yards to get a top spot in a company (nice work), is it worth risking all the blood, sweat and tears by not having the right Management Liability insurance in place?
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With BizCover you can choose policies with cover between $1m to $5m. When deciding on the level of cover you for your business you should think about:
*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.
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