Put simply, management liability insurance protects you and your business from claims of mismanagement.
It provides protection against the daily financial exposure that comes with managing a company and helps you defend, settle or pay compensation claims.
Management liability insurance provides cost coverage for defending your directors, managers and employees against claims that result from their actions or decisions.
In the cut and thrust of daily business it is, in our opinion, essential coverage.
Why you should consider it.
Management liability insurance is important for all businesses, big and small to help protect against unpredictable and potentially large liability claims.
Without adequate protection you could risk losing not only your business, but also your personal assets. The legal costs to defend allegations of wrongful acts alone can be financially crippling for businesses and individuals.
This insurance also protects you personally so keeps your wealth and lifestyle safe.
What does it cover?
Management liability insurance can cover the business against claims arising from mistakes or deliberate actions – including fraud – from the company or its directors, officers or employees – both past and present.
It can also cover the cost of investigating, defending and settling claims by a third party, as well as paying compensation the business is liable for.
Specific areas include:
- Directors and officer liabilities
- Employment practice liabilities
- Crime cover
- Corporate entity liabilities
- Statutory liabilities
- Legal representation costs
What isn’t covered?
As with any insurance, there are limits and exclusions that apply.
There may also be a deductible, excess or limits on this type of cover, so please check with your Wereck insurance broker first.
Please talk to us about what may or may not be appropriate for your coverage.
As Insurance is a complex subject, please talk to us now for professional advice and to make sure your level of coverage is appropriate, adequate, and sufficient to your requirements.
The List of Risks or the range of insurances available is not exhaustive, if there are any particular risks that are possibly unique to your type of business and/or for any specific or special requirements, please seek our assistance and guidance.