Austral Risk Services are risk advisors and insurance brokers for small, medium and large business. Based in Western Australia, we provide comprehensive risk management services and leading insurance solutions to protect your business, company or organisation.
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Business > Business Insurance > Liability Risks > Management Liability
Management Liability Insurance protects you and the company against the risks and exposures of managing and running a business.
It doesn’t protect your business for the ‘activities’ of the business like the products and services you provide or the quality of advice you give. It is there to protect you for everything management is responsible for when running the company or business.
It’s important for those who hold senior roles such as directors and officers to appreciate that they can be held personally liable for corporate liabilities in managing a company. This is why management liability insurance is so important.
The most common management liability claims according to Austbrokers are made for:
Management liability insurance is a packaged product and usually covers a range of liability risks.
It will normally include the following management liability risks:
In essence, management liability insurance covers the damages and claimant's costs awarded, legal costs for defence, investigation costs and civil fines and pecuniary penalties.
So for example, if a company was sued because it was claimed the directors had unfairly dismissed an employee, all legals costs, investigative costs and any damages would be covered under insurance.
If you’d like advice on the best management liability insurance options for your business, speak with one of our experienced brokers today.
Size of Business (in terms of employees)
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