A GUIDE TO MANAGEMENT LIABILITY INSURANCE.
Tailored insurance protection for private companies.
Cover can be arranged to protect private companies and senior management from litigation as a result of the actions they take and decisions they make in running the business. The directors and the company itself can be liable for significant expense as a result of compensation claims, legal defence costs and a range of other professional fees.
Such matters may include investigations by regulatory authorities like WorkCover, breaches of the Corporations Act or Employment Practices legislation, OH & S claims, legal action as a result of copyright or design conflicts, and financial loss caused by employees or a third party.
Rose Stanton Insurance Brokers can help arrange an all-in-one Management Liability Insurance solution for any private company which employs staff. The policy combines top quality Directors & Officers Liability cover with the additional security of Company Reimbursement, Company Liability, Crisis Containment, Employment Practices Liability, Superannuation Trustees Liability and Fidelity Guarantee. It can also extend to cover for cyber risks including inadvertent transmission of a virus, accidental infringement of copyright and defamation by your website or by email, and cyber extortion.
Management Liability Insurance can cover expenses including legal fees, fines, penalties and compensation costs. Imagine for example, having to face action for a breach of Employment Practices legislation. For instance, there was one unfair dismissal case recently where an employee was terminated over a theft issue. Whilst the company was correct to have terminated the employee, it was determined that management hadn't followed the correct process. As a result, the company was found to be liable and the policy paid out over $100,000 in compensation and defence costs.