Management Liability Insurance Australia
Management liability insurance is designed to protect your business and the key staff members of the company against the risks associated with the operation or management of the business. This type of insurance is overlooked by most business owners when it shouldn’t be. In fact, management liability insurance is one of the most important types of cover in Australia.
Countless situations may present themselves in the day-to-day operations of your business. In fact, you could be held liable for many things such as breaching statutory laws, allegations of committing wrongful acts as a business owner or experience significant financial losses due to a dishonest act of an employee. The management liability coverage will provide a strong safety net and give you greater certainty over the future security of your business. Whether you are a business owner, managing director, or senior manager in a private or public-enlisted company, you should consider management liability cover to protect yourself as well as the business in the long run. There are many benefits of obtaining a management liability coverage for your business. Some of them include:
. Offer protection for your business and personal assets against an unexpected claim.
. Offer assistance for legal resources required to defend against an unexpected claim.
. Makes sure that your cash flow is unaffected by liabilities associated with an insured event.
Protection For Your Most Valuable Asset
Management liability insurance will protect both your business and the key management of it against the risks associated with running the business. There are many things that could go wrong when running a business. Some of them include:
. Wrongful acts by the directors and management of the company
. Statutory fines and penalties
. Dishonest acts by the employees of the company
. Employee claims resulting from harassment, bullying, wrongful dismissal, and similar acts
. Tax audit costs
Just imagine how much you will have to pay out of your pocket in case you experience one of the above-mentioned situations. It may result in a financial loss to the business – which may negatively affect the growth of the company. That is where a management liability cover comes in handy. Management liability will protect you and your business under such circumstances and guarantee the future growth of the company. Call one of our insurance specialists to choose the best policy for your company.
Company liability is also known as corporate liability or entity liability. It covers the actions arising due to managerial matters. Most of the claims that are made against the directors or officers of the company are first brought against the business. For example:
. Wrongful acts – fraud
. Breach of contract
. Environment prosecution
. Shareholder disputes
. Unfair treatment of shareholders
. Accidental death
. Identity fraud
In fact, company liability is an optional level of cover with some insurers in Australia. However, this cover is very important, similar to directors and officers liability. Hence, it should be included in the management liability coverage.
Employment Practices Liability
Employment practices liability or EPL, is another cover commonly claimed under the management liability insurance. This coverage will protect the directors, officers, and employees for employment breaches. For example, claims arising from contractors, subcontractors, and past or current employees are covered in this policy. Some examples are:
. Employee duress
. Harassment or bullying
. Wrongful dismissal
. Employee misconduct
You should call one of our professional insurance experts to choose the most suitable management liability cover for your business. We have offices across Australia for the convenience of our customers.
Statutory or Stat liability pay fines and penalties awarded against a business for breaching certain legislation. The policy will also provide legal costs to defend the matter or represent the matter at an investigation or inquiry. The policy will cover cash penalties arising due to irresponsible or unauthorised actions of directors, partners, officers, employees, agents, and contractors of the business. Claims usually arise from breaches to the following:
. Fair Trading Act
. Privacy Act
. Spam Act
. Liquor Licensing
. Occupational Health and Safety
. Building Act
. Environmental Protection Act
Make sure that you call us today for all your management liability policy requirements in Australia.
Why Choose Us?
We are one of the most respected Australian insurance companies providing a wide range of insurance products to customers across the country. We employ some of the best insurance specialists in the industry. Make sure that you call our expert team for all your management liability insurance requirements. We go that extra mile to guarantee the satisfaction of our customer. Give us a call today for an obligation free quote!