Management Liability Insurance Brokers
Learn more about Management Liability Insurance
Management Liability Insurance Brokers
Learn more about Management Liability Insurance
Management Liability Insurance
Running a business is extremely rewarding whilst it’s going well.. but what about when it’s not? Every business decision you make has a level of risk, and every risk influences the outcome.
It’s important that your business has protection for when events occur that could threaten the future of your company. Being a director of a business can see you personally liable if something were to go wrong. This means your family home could be at stake if you don’t have adequate protection – protection that a Management Liability Insurance policy could provide.
What does Management Liability Insurance cover?
Management Liability Insurance can offer general protection which may include cover against:
Why do you need Management Liability Insurance?
Management Liability Insurance is a comprehensive and tailorable packaged policy that can cover the company and the directors against financial losses from claims brought against them for mismanagement, breach of duty, and wrongful acts committed. A Management Liability policy will also pay for the legal costs to defend the company and directors when such claims occur. A benefit of purchasing a Management Liability Insurance policy is that many insurers can provide you with access to their legal team who can give you advice on how to approach and respond to certain situations before they begin to escalate.
How Morgan Insurance Brokers can help you
Morgan Insurance Brokers are extremely familiar with Management Liability Insurance Policies and how they can protect businesses and the livelihoods of the owners. We get to know you, and your business so we can confidently assess and provide you with the level of protection you require. Our Professional Team of Brokers only advise in areas that we specialise in, so you’ll never receive advice that does not serve to benefit your interests.Â
“Whether you've got one employee, or one hundreed employees, all businesses can benefit by safeguarding their business by having a Management Liability Insurance policy in place.“
Contact Morgan Insurance Brokers for your tailored Management Liability Insurance Quote
“Whether you're a sole trader, a small business, or a large company, all can benefit by safeguarding their business by having a Management Liability Insurance policy in place.“
Contact Morgan Insurance Brokers for your tailored Management Liability Insurance Quote
Frequently Asked Questions
Employment Practices Liability
This section protects your business against claims brought against you by employees irrespective of their employment status – current, past, full time, part time, or casual. This section will also contribute to the legal fees incurred to defend you against such claims. Employment Practices Liability can protect you from a range of concerning allegations such as harassment, bullying, unfair dismissal, and discrimination.
Crime
Crime Insurance can protect you from internal employee fraud that results in a direct financial loss; such as an employee stealing from your business. It can also cover direct financial losses from outside third parties.
Tax Audit
Tax Audit Insurance covers the accountants fees that you would incur to prepare your documents in the event that you get audited.
Statutory Liability (Fines and Penalties)
Statutory Liability cover extends to protect your business and employees for fines and penalties imposed on your business, in areas such as Occupational Health and Safety for example. It will also pay preparation and representation costs.
Superannuation Trustees Cover
Provides protection against claims of mismanaged superannuation funds.
Directors and Officers Insurance has been replaced by a vastly more comprehensive Management Liability Insurance policy. The Directors and Officers Insurance policies primarily focused on protecting the interests and assets of the Directors, whereas Management Liability Insurance extends to protect both the directors and the company from the many exposures they may face.
The cost of a Management Liability Insurance policy can greatly vary depending on your exposure. Your industry, turnover, and how many employees you have are the three main rating factors that determine the price of a policy. The limit of indemnity you choose will also have some bearing on the cost. A Management Liability Insurance policy is highly tailorable, there are sections of cover that you can choose to include or exclude along with the limits of these covers. This is a great way to tailor your policy to meet your requirements whilst also matching your budget.
A Management Liability Insurance policy is not just a policy to pay compensation claims. A Management Liability Insurance policy is designed to guide you through, mitigate, and reduce the exposure against your business. With the insurers and their panel of legal experts stepping you through the process from start to end, you will have peace of mind that the support you receive will provide the best outcome possible. It’s important to remember that your policy is on a “claims made” basis. Essentially, what this means is that you need to notify your insurance company at the time the issue first arises to ensure that your claim will be covered. If you delay in notifying, you could find yourself with reduced, or no cover.
