MANAGEMENT LIABILITY INSURANCE
What is Management Liability insurance?
Management Liability insurance is designed to protect the company directors and officers, and the company itself, against the many risks they face on a daily basis. We often refer it to as the third pillar of liability, as it extends cover to those areas, e.g. Workcover, not insured under your Public & Products Liability & Professional Indemnity.
Who needs Management Liability insurance?
If you are a director or officer of a proprietary limited company, you need Management Liability insurance.
What does Management Liability insurance cover?
Management Liability insurance covers a wide range of areas including:
- Directors & Officers Liability
Workplace Health & Safety
- Statutory Fines & Penalties
Breach of legislation
Work, Health & Safety
Environment Protection Authority
- Employment Practices Liability
Third Party Discrimination
- Kidnap, Ransom & Extortion
How much Management Liability insurance is enough?
This will depend on the nature of your business and your turnover, however as a very minimum we like to see non-aggregated cover of at least $1 million for each of the key coverages.
To find out more about Management Liability insurance and some real life claim examples, please refer to the article written by Chris Guy here.