Management Liability Insurance addresses the needs of small and medium sized business owners with a combination of Insurance covers in one policy. Directors and other company managers can potentially be personally liable for a breach of their managerial duties and obligations. A simple act, error or omission can give rise to a management liability claim against you and your company. A Management Liability policy includes certain sub limits for costs that may be incurred to defend legal actions against Directors personally.
Have you considered the following as potentially uninsured insurance risk exposures?
- Employment Practices Liability
- Alleged Wrongful Acts
- Defence costs for alleged breaches of company law or regulation
- Workplace Health & Safety Regulations
- Directors and Officers Liability
- Crime/Fidelity Cover
- Crisis Cover
- Pollution Liability Defence costs
- Statutory Liability Defence Costs
- Tax Audit Expenses
- Cyber Liability Protection
Examples of Management Liability Claim Costs
The below are some examples of claims where Management Liability has responded to protect our clients:
- Breach of Duty of Care – $32,000 in defence costs.
- Insolvent Trading – Directors were found to have no knowledge of the insolvency and were acquitted but still incurred defence costs of $92,000 in defending shareholder claims and regulator action.
- Workplace, Health & Saftey – $18,000 in fines from regulatory body.
- Workplace, Health & Saftey – $22,000 in legal costs to defend a negligence claim against unsafe systems of work.
- Unfair dismissal – Defence costs incurred amounted to $21,000.
- Wrongful Termination of an employee following demotion – $130,000 in defence costs.
- Harassment – Defence costs incurred amounted to $37,000.
- Fraud, Breach of Fiduciary Duty – Legal costs incurred of $35,000.
Management Liability Insurance has the potential to protect your business and personal assets in many ways – With premiums starting at approx $1,500.
Management Liability is insurance protection that no business can afford to be without.
Please contact us for further information or if you would like us to arrange for a quotation.