Management Liability Insurance
Directors and Managers of businesses are increasingly under a lot of pressure to please a multitude of key stakeholders whether they be business partners, employees, shareholders or even clients. If a business is not adequately covered with Management Liability Insurance, its Directors and Managers could be at risk of losing not just their business, but also personal assets as well.
Who is it for?
This type of insurance is designed to protect the financial wellbeing of the company as well as a directors own personal wealth. Claims against a Director or Officer or their business could include:
- Bullying
- Breach of duty
- Defamation
- Discrimination
- Fraud
- Harassment
- Occupational Health and Safety
- Theft by employees or contractors
- Unfair dismissal
Depending on the cover you take, the right Management Liability policy can typically protect against some or all of these risks:
- Damages and claimant costs awarded against you
- Legal fees
- Investigation costs
- Civil fines and penalties
- Representation costs where you are legally required to attend an inquiry or investigation regarding company affairs.
Do I need Management Liability insurance?
Consider the following questions and if they resonate with you then you would probably need Management Liability insurance.
- Crime – How easy is it for your inventory to be stolen by employees? Do you make electronic payments to suppliers?
- Cyber – What security measures are in place to protect your business against cyber risk?
- Employees – Do you have a process in place where employees can regularly voice concerns about the workplace environment and personal development?