What is management liability insurance?
Management Liability Insurance Is an affordable way to protect your personal and business assets against claims arising from the management of your company. It provides cover for a director's personal liability, fines and penalties, employment practices claims and theft by employees or third parties.
Why do I need management liability insurance?
It protects Directors, Officers and Employees, as well as the company itself in respect of the costs of defending a claim and in many cases the damages and costs awarded as a result of a wrongful act.
These may include:
- Breach or Directors Duties;
- Employment Practices;
- Occupational Health and Safety proceedings;
- Breach of Confidentiality;
- Representation costs for investigations by any regulator or legally constituted professional body;
- Pecuniary penalties, where permitted at law.
Means that claims first advised to you (or made against you) and reported to your insurer during the Period of Insurance are recoverable irrespective of when the incident causing the claim occurred, subject to the provisions of any clause relating to a “retroactive date”.
Warning - retroactive cover
The retroactive date shown on the policy is the date after which any errors or omissions of the Insured are covered.
Any errors or omissions made before the retroactive date are excluded by the policy. The retroactive date may be the time that the Insured first purchased a Professional Indemnity or Directors' & Officers' Liability policy.
It is important to make sure that the retroactive date is correct. Remember, that the actual event that causes a claim to be made under the policy may have occurred in a prior period of insurance, but is only covered if it is notified to the insurers in the period of insurance when the Insured first becomes aware of the claim or circumstances.
The act, error or omission must arise from work done after the retroactive date shown in the schedule of the policy for the insurance to respond
Price & security
Offering competitive premiums and quality service, our insurance policies are available Australia wide and provide you with the security of Australia's largest Insurers. We also offer a choice of flexible payment options.
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Please read our General Advice Information Page when considering purchasing an insurance product.
Please refer to the Insurer's Product Disclosure Statement (PDS) or policy wording when deciding if this product is right for you.