What is Management Liability Insurance?

Management Liability Insurance covers a business against claims of wrongful acts’ for losses sustained by third parties including employees. It is essential for all organisations, large and small, to protect themselves from unforeseeable and possibly costly liability claims.

What does Management Liability Insurance cover?

Management Liability Insurance protects the business and its executives from losses and costs arising from mismanagement and safeguards the company against workplace incidents, allegations of unfair labour practises, personal liability as a director or officer and civil fines or penalties. The likelihood of Management Liability claims happening is unpredictable, and the associated legal fees that can arise when an incident occurs can be financially significant. That is why it is important to make sure you are adequately covered.

The insurance is designed to help cover the business against claims arising from mistakes or deliberate actions from the company or its directors, officers, or employees, including:

  • Damages and claimant costs awarded against you
  • Legal costs
  • Investigation costs
  • Civil fines and penalties
  • Representation costs where you are legally required to attend an inquiry or investigation regarding company affairs

Working with an Insurance Broker and Risk Adviser will protect your business and ensure you have the right insurance cover in place.

With Austbrokers, you can mitigate the risk you are exposed to and reduce the chances you’ll need to claim on your insurance. Find out how Austbrokers can help you today!

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