What is Management Liability Insurance?
When you’re running a business, you may be personally liable for any actual or alleged breaches of the Corporations Act. And it’s not just large companies that are exposed – small and medium business owners and officers could be at risk as well.
Management Liability insurance covers the costs of defending directors, managers and employees against any claims that are the result of their actions or decisions.
Why do I need it?
If you are faced with unexpected liability costs. Management Liability Insurance can protect your business and personal assets, such as your home, from being sold to cover the cost of paying claims.
Did you know?
Many businesses think it won’t happen to them, but statistics show otherwise. In fact:
- The likelihood of a claim that could be covered by a Management Liability policy has tripled in the last five years. With 50% of notifications resulting in a claim
- The most common claims are for employment practices like bullying, harassment and wrongful dismissal
- Major claims by amount relate to crime – including employee fraud
To find out more here, and download our info sheet for more details including case study, types of cover, potential benefits and also what’s typically excluded from a Management Liability Policy.