Management Liability Insurance
Protect Your Directors and Officers From Claims Arising From Their Decisions They Make in Their Roles.
Management Liability Insurance is a valuable type of coverage designed to protect the personal assets of directors and officers, as well as the company itself, from claims that can arise from their decisions and actions within their roles.
It includes various types of coverage like Directors & Officers Liability, Employment Practices Liability, and sometimes Fidelity coverage, which addresses employee dishonesty or fraud. This insurance is vital for keeping both individuals and the organisation secure, allowing leaders to manage business operations confidently, without the constant worry of personal liability.
What does it cover?
The coverage provided by Management Liability Insurance is quite extensive, addressing a range of potential issues faced by leaders in the business world. This includes legal defence costs, settlements, and awards linked to lawsuits from employees, customers, or stakeholders claiming wrongful acts in company management.
It often covers claims related to employment practices such as wrongful termination, discrimination, and harassment. Plus, it can protect against situations where directors and officers are accused of negligence or breach of duty, offering crucial financial support in those scenarios.
Who needs Management Liability Insurance?
Management Liability Insurance is essential for any company with a board of directors or management team, regardless of size. It’s especially important for publicly traded businesses, those with significant customer or employee interactions, or companies in highly regulated industries.
Small to medium-sized businesses also gain from this coverage, as they may have fewer resources to handle expensive litigation. Overall, any organisation where decision-making might lead to potential disputes should seriously consider Management Liability Insurance to ensure they are well-protected against unexpected management-related liabilities.
