Management Liability Insurance
Without adequate protection you could risk losing, not only your business, but also your personal assets. Management Liability insurance protects you personally and therefore your wealth and lifestyle.
In this day and age the costs required to defend allegations of wrongful acts alone can be crippling for business and individuals.
The areas of cover we can offer include:
- Directors and Officers Liability – ie your personal liability as a director, including senior management and employees
- Fidelity – eg theft by employees, theft of inventory by employees, theft by contractor/consultant
- Statutory Liability – eg: Work Cover fines, OH&S Fines
- Employment Practices Liability – eg wrongful dismissal, sexual harassment
- Tax Audit
- Legal Expenses
The most common types of claims under Management Liability insurance include:
- Breaches of director’s duties and/or fiduciary duties, including breach of trust
- False, misleading and deceptive conduct by directors/officers and employees
- Actions alleging improper and illegal conduct
- Statutory breach of duty, ie under legislation
- OH&S prosecutions and inquiries
- Employment, eg unfair/wrongful dismissal, discrimination, harassment, wrongful failure to employ or promote
- Defamation by directors/officers
- Breach of intellectual property rights by directors/officers
- Employee theft, including theft of money and property
- Statutory fines and penalties.
- Taxation investigation costs
There are liability policies on the market that have a “no dial before you dig warranty” this will not excuse you or your company from a claim for negligence. What would happen to your company if you or your worker was injured or killed. Work cover may take action against you as a director for being negligent, this could result in a substantial fine and could expose your personal assets. You cannot hide from the OH&S obligations as an employer. Do not think that a policy that has this exclusion is to your benefit, in NSW – Dial before you dig is law. Dial before you dig, in most cases is a free service, why would you expose your business?
