Business Insurance

Management Liability Insurance

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Business owners and directors of all sizes are open to be held personally liable for both intentional and unintentional breaches of corporate regulations.

As a business owner or director protect yourself from risks that could occur as you run your business.

What is Management Liability Insurance?

Management liability is a comprehensive policy that exists to cover allegations of wrongdoing, directed at the company as a whole or its managers, directors and officers.

What does Management Liability Insurance Cover?

Key Elements of Cover in a Management liability policy include:

  • Directors & Officers Liability – Provides protection for directors of proprietary limited companies against allegations of wrongful acts including misrepresentation or breach of duty
  • Employment Practices Liability (EPL) – Claims for breaches including unfair dismissal, discrimination, and bullying
  • Crime – Protects your business from employees or third parties who commit fraud
  • Statutory Liability – Covers defence costs, fines, and penalties under statute including WHS
  • Corporate Liability – Covers costs for your business if there is a claim from an external party alleging wrongful conduct and internal affairs investigations
  • Defence Costs – Covers legal costs should your business be taken to court
  • Tax Audit
  • Company Reimbursementfor legal costs
  • Occupational Health and Safety Defence Costs
  • Trustee Liability
  • Whistle-blower Cover

Who should have Management Liability Insurance?

Management Liability is usually a staple for all businesses, with a turnover of up to $50M. Industries where these policies are common include:

  • Professional Services (incl. Accountants, Real Estate, Engineers, IT)
  • Manufacturing
  • Media (incl. Printing, Publishing, Entertainment)
  • Medical
  • Retail
  • Services (incl. Community Services, Call Centres, Beauty Therapy)
  • Tourism and Hospitality (incl. Cafes, Restaurants)
  • Trade Services (metal, wood, electrical and automotive)

There are some industries where management liability is usually declined by insurers due to the insurers risk appetite and the large losses insurers have experienced in these industries. Industries included are:

  • Aged Care / Retirement Village / Nursing Homes – risks associated with the elderly, fall risks and general health concerns.
  • Amusement / Leisure Park – issues related to substantial claims being made and dealing with minors
  • Gaming Activities (Racetracks / Casinos / Betting Agencies) – these involve compliance issues for insurers
  • Telecommunications Providers – due to risks of cyber breaches

Why Insure with Amfin?

At Amfin, we take pride in the advice we give our clients. To us, it’s more than just insurance, it’s tailored advice to help you plan your today and secure your tomorrow.

We will work with you to ensure both the essentials and your requirements are covered. Peace of mind is what we will deliver for you by ensuring you have a thorough policy that won’t catch you by surprise. Our team of knowledgeable consultants are here to understand your needs to find the right policy cover. Chat to us for a tailored insurance solution for your unique needs.

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We have friendly and experienced team members ready to help with your finance needs, whether they be business or personal.

Experience the Amfin difference. Contact us for a no obligation chat today.

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