In an increasingly litigious and complex world, it is more important than ever for companies to protect their financial stability, while individual Directors and Senior Managers avoid or survive lawsuits. Without adequate cover, you not only risk losing your business, or job, but your personal assets too.
Legal claims involving harassment, discrimination, wrongful termination, even fraud and embezzlement are prevalent in every workplace. Managers and Supervisors are especially liable and vulnerable to all types of lawsuits and the associated costs.
Management Liability Insurance is the single best way to manage these types of risks for you and your company. It can prevent a legal suit or statutory claim from turning into a financial disaster. Coverage extends far beyond what typical policies provide. These are the key insuring sections of the policy that can protect you and your company:
Directors and Officers
Protects the company, management and employees against claims as a result of management decisions
- Executive Liability
- Company Reimbursement
- Legal Representation
- Corporate Liability
- Compensation for Court
- Addition Limit of Liability for Executives
Employment Practices Liability
Protects the company, its directors, officers and employees from claim brought by current, past or prospective employees.
Miscellaneous Professional Liability
Protects the company, management and employees involved in the management of the Superannuation Fund and the Funds themselves against losses.
Protects the company against traditional publishing related exposures created by the existence of the company’s website.
Protects the company, management and employees for possible breach of duties, obligations and responsibilities under any law, regulation, by-law or determination.
Crime / Theft Coverage
Internal fraud by management and employees
In addition to the base cover, there are many extensions that can be included to cover any specific requirements of your business.
It is important to note that in regards to claims, the Management Liability Policy provides cover for defence costs, which can often run into hundreds of thousands of dollars. Allegations regarding any of the matters detailed above will need to be investigated and defended, and a Management Liability Policy can provide great comfort with indemnity for these associated costs.
Contact Asset now on (02) 9911 9333 to talk with a broker, who will be able to assist.
For more information about the General Insurances we offer click here.