Should your business have it?
There’s never been a more challenging time for owners and managers running a business. We understand that keeping up with various and sometimes complex legislation such as employment law and work health and safety, is an ongoing journey.
We can all agree the past 24 months have been some of the strangest, challenging and constantly changing in the business world.
Now that we seem to somewhat be coming out the other side, with the return of international visitors and overseas travel restrictions lifted. Along with most interstate border restrictions now abolished, what does the next 12 months look like for you, your business, and your staff?
What is Management Liability and who should have it?
Management Liability is a tailored insurance offering that provides cover to Senior management and the company for Decisions and responsibilities involved in running a business
Most Business owners in the Micro or SME space are so busy doing what it takes to keep the business on a daily and weekly basis. There is no time to think about or asses the risks the Owners and Directors of the business face in relation to claims made against them by staff for:
- Unfair/ wrongful dismissal
- Harassment
- Underpayment
- Statutory liability
- Employment practices
These matters may not be directly forming your actions as a owner or director, but quite possibly form a person in a management position within your organization.
If you were to receive a letter form “fair work” what would be your first step, what costs could you expect to face, is the onus on you to prove your side and position in the matter
These are a few of the fist things that come up if a letter turns up in a works place form the office of Fair work.
The Good news is that there are products that are available for businesses of any size. Below is a common extract from insurers about the cover and general out line of what’s covered.
We know that despite the best intentions, breaches of legislation and compliance can still happen, and stakeholder expectations can be mismanaged. These scenarios can bring liability exposure to company directors, officers and managers.
That’s why management liability cover is critical to every business’s risk management strategy. Coverage can provide protection for personal liability, fines and penalties, employment practices claims and theft by employees or third parties.
Coverage
Management Liability insurance provides the full breadth of cover required by a business, which can also be tailored, not just to suit your needs, but also your budget.
Management Liability
Protects the Directors and Officers from claims arising from wrongful alleged acts against the Directors and/or Officers. Coverage is afforded to the Insured,
but not limited to:
• Personal liability
• Fines and penalties
• Outside directorships including workplace health and safety
• Automatic unlimited run off for retired directors
• Pre-investigation and investigation costs
Corporate Liability
Protection for the Company from claims arising from alleged wrongful acts against the business. Cover includes, but not limited to:
• Environmental violation defence costs
• Defence and fraud
• Work Health & Safety defence costs
• Breach of Contract defence costs
• Tax audit and review costs
• Death or disappearance of named insured director
Employment Practice Liability
Protects the business from claims for wrongful dismissal or discrimination by past or present employees, customers or suppliers. This includes cover for
allegations made against the insured for discrimination on the basis of sex, race, age, religious beliefs and disability.
Crime
Protecting the company’s balance sheet from fraud and dishonest activities carried out by employees or third parties.
Statutory Liability
Protects individuals and the company against fines and pecuniary penalties. This includes defence and investigation costs as well as Enforcement Expenses.
Claims Teams and Legal Panels
Underwriter claims team will help you navigate your way through what can be a stressful time.
They provide access to our legal panel when you need professional and efficient advice relating to your policy coverage.
You can also appoint these panel members to represent you in the event of a claim.
If you would like to discuss your management further we are always here for a chat
Solis Insurance 1300 127 199
