Management Liability provides cover for claims lodged against Directors for their actions/inaction. If you operate as a Pty Ltd Company, the personal responsibilities that you have as a director can be quite onerous, and potentially expose your personal assets to potential legal action.
The main areas covered under the Management Liability policies include:
- Directors & Officers Liability Insurance – protects the Directors & Officers against claims resulting from management decisions. Directors face liabilities under Corporations Law, Trade Practices Act, Environmental legislation and a variety of government bodies and statutes (e.g. ATO and ACCC).
- Employment Practices Liability Insurance – protects the directors and the company from claims brought by employees for things such as unfair dismissal, harassment, discrimination and/or unfair work practices.
- Fidelity Guarantee Insurance – protects the company from direct losses resulting from employee theft.
- Statutory Liability Insurance – protects directors and the company from statutory civil fines and penalties where at law the insurer is able to pay (e.g. OH&S fine following a workplace injury).