Management Liability

Management Liability

Management Liability insurance decreases the hazards for directors and managers and the insured company itself from the swarm of potential types of expositions they may encounter while managing a business.
Management Liability coverage lessens the potential risks that can arise from running small business. These risks may include:

  1. Occupational health and safety issues
  2. Wrongful termination
  3. Workplace sexual misconduct
  4. Statutory breach of duty
  5. Defamation
  6. Statutory penalties

Management Liability insurance protects the ‘running’ of a business, whereas Professional Indemnity insurance protects the professional activities of a business.

Management Liability insurance usually provides cover for risks such as:

  1. Damages and costs imposed on the insured
  2. Judicial expenses
  3. Claims inquiry costs
  4. Some civil penalties

A Management Liability Policy can cover.

Your management liability coverage can be customized to meet the needs of your company. You can purchase the following types of coverage:

Directors & Officers Liability – protects officers and directors from financial losses caused by allegations of wrongdoing in their roles as officers or directors, whether true or false. The company will be eligible for coverage under the policy’s company reimbursement clause if it indemnifies the director or officer for such responsibility.

Corporate Liability – protects your business from accusations that it committed wrongdoing (as opposed to claims brought against the directors or officers).

Employment Practices Liability – which protects an organization against lawsuits brought by workers regarding their working conditions or violations of labor regulations. Claims of discrimination or unjust dismissal may fall under this category.

Crime – covers you from immediate monetary damage brought on by theft or attempted theft from the premises of a business.

Statutory Liability – covers the organization, senior management, and employees against claims that they unintentionally violated important laws while Insured’s business. The policy will cover associated legal expenses as well as fines and penalties that are due under certain conditions.

With severe fines and even disqualification as possible consequences, you really need a reliable method of protecting your business.

After putting in a lot of effort to rise to the top of the company—nice work—is it really worth it to risk everything, i.e., the blood, sweat, and tears, by failing to obtain the right management liability insurance?

What is included?

  1. Damages and claimant costs awarded against the insured
  2. Legal and defence costs
  3. Claims investigation costs
  4. Some civil fines & penalties

What is typically NOT covered?

  1. Bodily injury and property damage
  2. Insolvency
  3. Crime and dishonesty (not covered within the Crime section)
  4. Known claims and circumstances.

“Get a complete insurance coverage at a great price. Get a free quote today!”