Now you’re probably wondering if this even matters to your business.
What exactly is management liability insurance and how can it protect your business?
When you break it down, it’s quite simple. Management Liability insurance can provide protection against the financial vulnerability that comes with managing a company. It helps you defend, settle or even pay compensation claims without putting your business or personal finances at risk. The world of business can be unpredictable and if there’s one thing that Management Liability insurance does, it aids in unforeseeable and unfortunate situations.
So what does it actually cover?
Damages and claimant costs awarded against you, defence costs, investigation costs and even civil fines and pecuniary penalties. Management Liability insurance is a packaged product which will normally protect the past, present and future directors and officers involved in the management of the company, including employee dishonesty.
Additional management troubles and can be covered too, like reimbursing the company for certain costs during tax investigation by the ATO, or to aid in the financial support in professional crisis containment.
It’s hard to know which insurance is the right one for your business. That’s why it’s best to speak to a professional before making any decisions. There’s nothing wrong in asking for help – you just need to know who to ask.
McLardy McShane, we’ve got your back.