Protect directors and officers from personal financial loss.
Anyone involved in the ownership or management of a company takes on specific responsibilities, and those responsibilities usually carry an element of risk. These risks may render an individual personally liable for an alleged, or actual wrongdoing.To minimise risk and reduce exposure, consider Management Liability Insurance.
If there is an alleged breach of company law or regulation, your conduct as a manager and as a company may come into question. While the claim may be completely without merit, it will still cost a significant amount of time and money to defend the matter and reach a conclusion. Do you have the resources to fund your own defense?
A carefully tailored Management Liability Insurance policy will provide cover to directors, officers and the company itself from the many risks associated with managing a company. In a day and age where litigation is rife, Management Liability Insurance is a must. Claims and defended allegations made by employees, creditors, government agencies, competitors and shareholders are usually covered.
Traditional directors’ & officers’ policies have been written to only protect the assets of individual directors and officers. In the past, any available cover for the business under these policies has been limited only to optional extensions, such as employment practices liability cover and comes with the added risk of eroding the directors and officers’ policy limit.
Consequently, some proprietary companies have preferred to remain uninsured, exposing their owner directors and officers to the risk of expensive and time consuming litigation. This has been despite the fact that proprietary companies and their directors are directly exposed to risky litigation from a variety of different sources such as minority shareholders, employees (unfair dismissal, discrimination and sexual harassment), creditors and State and Federal regulatory bodies (i.e. ACCC, ASIC and ATO).
To find out more call (02) 8268 2900 and speak to one of our Advisors, obligation free.
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