Management Liability Insurance
Management Liability Insurance designs policies to protect the decisions of privately owned companies. When claims are made against a company it affects profit and reputation. The costs of defending against a claim can be great even if the organisation is shown to not be at fault.
A correctly tailored policy protects the past, present and future directors plus anyone else involved important decision making.
By correctly managing stakeholder views you can avoid a lot of mistakes. But, with the best will in the world, people can become upset and claim damages. This leads to fines, penalties and damage to your business activities.
Covering a business against claims
Management Liability Insurance covers against exposure caused by poor decisions. People at risk are a company's directors, officers and managers. Policy clauses can be added to protect in case action is taken years after an event. This is useful when former employees or suppliers decide to launch court proceedings. Reasons for claims can be as follows:
- Wrongful dismissal
- Discrimination based on sex, gender, race or disabilities
- Proven discrimination against suppliers
- Criminal behaviour including harassment and management misconduct.
Sure Insure are experienced in Management Liability clauses. This allows us to create the perfect policy for your business. Managing your business risk properly can avoid or cover claims caused by operating in our highly regulated environments. Profit loss and problems with business continuity can also be avoided with the right policy.
Corporate and Business Liability Risk Management
When you run a corporation or private business you leave yourself open to scrutiny over employment practices. Business Liability also covers accusations of theft by employees or third parties. It is your responsibility to ensure that you keep up to date with laws and protocols that might require management training. Not keeping managers up to date could even be considered criminal behaviour.
Are your practices are out of date? If so, you can be liable for breaches of environmental protection orders or WHS. You might also be open to claims involving breach of contract. Tax audits and reviews can be costly due to employee time lost to normal business. The right policy helps to mitigate those costs before, during and after investigations and avoid accusations of breach of contract.