Management Liability insurance protects business owners, directors, officers and managers for claims made against them for mismanagement and allegations of wrongdoing. These may include allegations of neglect, errors, omissions, or breaches of workplace legislation or safety regulations.
Risk management for management liability includes understanding and complying with OH&S and anti-discrimination laws, as well as implementing sound recruitment practices and strong internal controls. However, no matter how diligent and ethical you are in the running of your business, if you ever need to defend a claim made against you it can end up being expensive.
A Management Liability insurance policy can help. A policy might include:
- Directors and Officers liability – personal financial protection for wrongful acts by directors, officers or managers.
- Employment Practices liability – for employee claims of harassment, bullying, discrimination and adverse changes to their jobs.
- Statutory liability – to cover breaches of legislation, such as OH&S regulation.
- Other – such as tax audit, cyber risks, and criminal behaviour.
If you are considering management liability cover, speak to your local Reliance Partner to discuss a package tailored to your business needs.