What is Management Liability Insurance?
When you’re running a business, you may be personally liable for any actual or alledged breaches of the Corporations Act. And it’s not just large companies that are exposed – small and medium business owners and officers could be at risk as well.
Management Liability insurance covers the costs of defending directors, managers and employees against any claims that are the result of their actions or decisions.
Why do I need it?
If you are faced with unexpected liability costs, Management Liability Insurance can protect your business and personal assets, such as your home, from being sold to cover the cost of paying claims.
What can it cover?
Management Liability Insurance policies vary in the benefits they provide. To give you an idea, here’s the type of cover that your policy may include:
- Employment practice liability
- Directors’ and officers’ liability
- Corporate Liability
- Statutory liability
- Defence costs
What usually isn’t covered?
Exclusions and the excess you need to pay can vary greatly depending on your insurer. Generally your policy won’t cover:
- Cyber crim, unless specifically set out in your policy
- Employee entitlements
- Property damage or bodily injury
There are other exclusions which your Steadfast insurance broker can outline for you.