Management Liability Insurance
Management Liability Insurance is an important business cover to have, which is generally overlooked by businesses and organisations.
A management liability insurance policy typically includes:
Your company can be reimbursed for payments it makes to indemnify directors or officers against claims relating to their actions as directors or officers.
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 Practices Liability
Protect your business against losses resulting from claims made by employees (or potential employees) for employment related matters.
This covers trustees for losses caused by wrongful acts in connection with decisions about superannuation funds.
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.
Who can bring an action against a company, its directors, officers and employees?
- Regulators (e.g. ACCC, ASIC & the ATO)
- Shareholders (especially minority shareholders)
Management liability "package" policies are available to privately held firms, not-for-profit organisaions, and small publicly traded companies.