Management Liability Insurance is a combined, cost effective solution for Private companies. It includes a number of covers in addition to the standard Directors and Officers Insurance cover. The covers provide protection to the insured Company, as well as executives.
Most Management Liability policies are made up of 5 core covers. They generally are;
Directors and officers liability and company reimbursement
Cover for claims against directors, officers or employees of the company for any actual or alleged act, error, omission, breach of duty, breach of trust, breach of authority, misstatement or misleading statement by them.
Cover for claims against the company for any actual or alleged act, error, omission or breaches duty; authority; OH & S or safety laws. It also provides cover for a misstatement or misleading statement by the company.
Employment practices liability
Protection for the insured entity from claims by past and present employees for actual or alleged breaches of employment laws, harassment or wrongful dismissal
Superannuation trustee liability
Security for the trustees, employees, the business and the fund itself against claims brought in relation to wrongful acts, whether actual or alleged.
Covers direct financial loss to the company resulting from fraud, dishonesty or theft committed by an employee, acting alone or in collusion with others.