Why You May Want To Consider Management Liability Insurance
Surprisingly very few businesses have Management Liability protection in place.
This ‘must have’ Insurance cover can step-in and financially protect your company and its Directors when your business is impacted by an unexpected and unpleasant event.
Directors are now perceived as professional managers and as such are accountable for their actions. The increase in litigation against directors reflects a change in the attitude of the general public towards greater management accountability. A Director is therefore exposed to the extent of their personal fortune and hence,
needs Professional Management liability insurance.
Reduce the exposure of the business and the people within it to the risk of litigation from a variety of different sources including Regulators for breaches in company
Protect against any actions from employees such as alleging unfair dismissal, discrimination, sexual harassment or mismanagement of super funds
Protect the business against any action by your customers such as allegations of suffering financial loss due to wrongful advice or suitability of products
Protect against competitors alleging their business has been adversely affected by a restrictive trade-practice such as price fixing etc.
Private companies, their Directors and staff are increasingly exposed to greater corporate governance and regulatory scrutiny in the day – to – day running of their businesses. Without doubt, Management Liability Insurance is not just important, it is crucial for business survival.
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