As businesses grow, while it is often impractical to control the activities of all staff , the business is still liable for it's employees actions.
What is Management Liability Insurance?
The purpose of management liability insurance is to protect the assets of a private company against management claims by shareholders, employees, and government agencies for dishonest and/or negligent actions from directors, management and employees.
While Directors & Officers Liability insurance covers actions against Directors and Officers and protects the Directors' and Officers' assets, Management Liability Insurance also protects the company's balance sheet against claims.
Management Liability Insurance Coverage
Management Liability Insurance policies can cover the following:
- Directors & Officers Liability
- Superannuation Trust Liability
- Employment practice liability
- Employment practice liability
- Statutory fines and penalties cover
- Employee Crime
Management Liability Insurance Compared
When comparing management liability policies some of the items to consider are:
- The allocation % for defence costs
- Whether internet liability/cover insurance is covered
- Continuity of cover
- Retroactive date
- Breadth of cover for Statutory Liability
- Breadth of cover for crime
- Occupational Health and Safety coverage
Cover may be available for the following types of businesses with turnover of upto $50 million p.a*
- Private companies
- Not for Profit
For more information on what management liability can cover or to compare various management liability policies please TALK to one of our brokers on 1300 542 573.
Management Liability insurance is designed for private businesses to protect their assets.
A Management Liability insurance policy is only worthwhile if it will respond to a claim . Claim ratios for management liability insurance can be relatively high and payouts can range from the tens of thousands of dollars, hundreds of thousands of dollars and even millions.
It's important therefore when searching for management liability insurance to find a policy with suitable cover, backed by a solid insurance company. A specialist insurance broker such as SMART can assist in finding a suitable policy PLUS assist when it comes time to claim. Depending on the nature of your business activities we can source management liability quotes from insurance companies such as Chubb, Dual, Vero, AIG, Allianz and CGU.
Why Professional Indemnity Insurance is not enough? Please click here for more information.
Why you may need Management liability insurance? Please click here for more information.
Management Liability Insurance Quotes
Please contact us for more information on Management Liability Insurance or for a quote on suitable cover.
Please call 1300 542 573 or email email@example.com and of our insurance brokers will be happy to help you.
*Important: Cover may be available subject to meeting insurers underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations .Talk to a SMART business insurance broker on 1300 542 573 for more information.