Management Liability Insurance
Management Liability Insurance protects the individuals and the company in relation to the exposures associated with managing a company (i.e. your liability for mismanagement).
Without adequate protection you could risk losing, not only your business, but also your personal assets. This insurance protects you personally and therefore your wealth and lifestyle.
The legal costs to defend allegations of wrongful acts alone can be financially crippling for businesses and individuals.
Do you know?
- The potential for the severity of loss grows as revenue in the company increases. The bigger the company, the bigger the claims tend to be.
- Not only can directors be held personal liable (exposing personal wealth) but also managers and employees.
- As the regulatory environment changes, directors are often unaware of their full responsibilities at law.
- Directors are responsible for the risk management of their company. ASIC has been on the front foot, putting directors on notice.
- A company's reputation can be damaged if they are investigated, not to mention the ongoing legal costs to defend claims.
In the current economic climate, companies have seen an increase in
- Business failures
- Regulatory investigations
- Employment practices claims
- Employee theft
- Regulatory actions
Management Liability Insurance Cover can give you peace of mind that if your business is involved in an incident of this type you will be protected.
What does Management Liability Insurance Cover?
• Damages and claimant costs awarded against you
• Defence (i.e. legal) costs
• Investigation costs
• Civil fines & pecuniary penalties.
Management Liability Insurance is a packaged product which covers a range of different risks and liabilities. Some examples of claims that can be covered by Management Liability Insurance include:
- Fraud/Breach of Fiduciary Duty
- Misappropriation of Trade Secrets
- Insolvent Trading
- Unfair Dismissal
- Theft by Employee or Contractor/Consultant
- Occupational Health and Safety Penalties
- EPA and Pecuniary Penalties
- Wrongful Act/Fraud
- Shareholder Dispute
For more information on Management Liability Insurance please contact AB Phillips on 03 8586 9333 or email firstname.lastname@example.org