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).