MANAGEMENT LIABILITY INSURANCE
When your running a business, you may be personally liable for any actual or alleged breaches of the Corporations Act. It’s not just large companies that are exposed – small and medium business owners and officers could be at risk as well. Management liability insurance covers the costs of defending directors,
managers and employees against any claims that are the result of their actions or decisions. Package your management liability insurance along with your professional indemnity insurance policy.
“The likelihood of a claim that could be covered by a
Management Liability policy has tripled in the last five
years with 50% of notifications resulting in a claim”
DEPENDING ON THE TYPE OF POLICY YOU CHOOSE, MANAGEMENT LIABILITY INSURANCE POLICIES CAN COVER:
â–º Employment Practice Liability
â–º Directors’ and Officers’ Liability
â–º Crime
â–º Corporate Liability
â–º Statutory Liability
â–º Defense costs
BULLYING!
The most common claims are for employment practices like bullying, harassment and wrongful dismissal.
CRIME & FRAUD
Major claims by amount relate to crime including employee fraud.
50%
The likelihood of a claim that could be covered by a management liability policy has tripled in the last five years, with 50% of notifications resulting in a claim.