Management Liability Insurance
As the manager or director of a company, there are times when the actions of your business become your direct, personal responsibility.
If there's a breach of OH&S or corporate law, for example, or an error in your financial statements, you could be held accountable, both legally and financially, for your company's offence -- even if you had no knowledge of it. It is your fiduciary duty as an officer to make sure you adequately supervise and oversee your business. Failure to do so could be regarded as negligence and attract severe penalties.
Management insurance can be combined with other business insurance policies to provide you with complete, tailored protection for your business and managers. Our skilled advisors can give you expert advice and put together a comprehensive package to meet your specific needs.
Directors' and Officers' Liability Insurance
A D&O policy offers essential protection for your senior managers, whose personal assets could otherwise be at risk. It insures your officers against the financial consequences of claims by shareholders, employees, regulatory bodies or creditors relating to 'wrongful acts', ranging from mismanagement of funds to inappropriate use of clients' personal data. It covers the costs of legal proceedings as well as any fines or damages awarded against them. If you manage a public company and are hoping to recruit experienced professionals to join your senior management team or serve on your board, you will almost certainly need to have a D&O policy in place before they will be willing to accept the position.
It may also be necessary to have D&O insurance, as well as a package of other business insurances, in order to secure funding for your business from banks or venture capitalists.
Management insurance is a comprehensive cover designed specifically for private companies, to protect both your company and your senior management against a wide range of threats. We can also provide insurance for the trustees of Superannuation Funds, protecting you against any claim for breach of your duties or mismanagement of the superfund.
Our management insurance provisions include traditional D&O insurance and also offer you protection against the complex exposures of employment liability. Claims for harassment, mistreatment or discrimination of employees are becoming increasingly common and can result in substantial fines, so this is a major area of risk for many companies. We can also protect you against the personal liability your company or management may be found to have if one of your employees commits a criminal or fraudulent act while representing your company.
Regardless of the cause or type of claim against your company or management, it could severely damage your reputation and financial standing. You can augment your management insurance policy with broad crisis loss and public relations insurance provisions, to enable you to seek professional help to minimise the impact of a critical event and get your business back on track.
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