Management Liability
Management Liability Insurance (previously known as Directors & Officers) is designed to provide protection for the directors of a company against financial loss in the event that they have breached their duties in their role. It covers the directors, officers, board members, management and administration from claims arising from mistakes or deliberate actions, including fraud.
OH&S
This coverage protects management against claims arising from workplace health and safety issues. It covers legal defence costs and potential penalties resulting from alleged breaches of OH&S legislation, providing crucial protection as directors can be personally liable for workplace safety failures.
Discrimination
This coverage addresses claims alleging discriminatory practices in the workplace based on protected characteristics such as age, gender, race, disability, or religion. It covers legal defence costs and potential settlements or judgments, helping management respond effectively to allegations of discrimination.
Fraud
This coverage protects the company against financial losses resulting from fraudulent activities committed by employees, including management. It provides compensation for direct financial losses and covers investigation costs, helping businesses recover from potentially devastating financial crimes.
Defamation
This coverage addresses claims alleging that management has made false statements damaging someone’s reputation, whether written (libel) or spoken (slander). It covers legal defence costs and potential settlements, providing protection in an era where communication missteps can quickly escalate into significant legal challenges.
Sexual Harassment
This coverage protects against claims alleging sexual harassment in the workplace. It covers legal defence costs, settlements, and judgments related to such claims, helping businesses address these sensitive matters appropriately while providing financial protection.
Unfair Dismissal
This coverage addresses claims from former employees alleging they were terminated unlawfully or unfairly. It covers legal defence costs and potential settlements or judgments, providing crucial protection in an area of frequent litigation that can consume significant management time and company resources.
Breach of Duty
This coverage protects directors and officers against claims alleging they failed to act in the best interest of the company, violated their fiduciary responsibilities, or mismanaged the organisation. It covers legal defence costs and potential settlements or judgments, addressing the core risk facing company leaders.
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Who needs Management Liability Insurance?
Management Liability Insurance is important for companies of all sizes, from small businesses to large corporations. Any organisation with directors, officers, or managers making decisions that could impact employees, shareholders, or other stakeholders should consider this coverage.
Does Management Liability cover intentional wrongful acts?
While Management Liability policies typically exclude intentionally dishonest or fraudulent conduct by individual directors, they often provide cover for the company itself and innocent directors when one director acts dishonestly. Additionally, policies generally cover defence costs until allegations of intentional wrongdoing are proven.
How does Management Liability differ from Professional Indemnity Insurance?
Management Liability covers claims related to management decisions and internal company matters, while Professional Indemnity covers claims related to the professional services or advice provided to clients. Management Liability focuses on protecting directors and officers in their management capacity.
Can retired directors still face claims, and are they covered?
Yes, retired directors can still face claims for decisions made during their tenure, sometimes years after leaving the company. Many Management Liability policies include a “run-off” provision that continues coverage for former directors for a specified period after they leave.
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Knightsbridge Insurance Group is an Insurance Broking Business with over 70 years of collective insurance experience and is founded on generational values that make you feel secure, protected and cared for. As we grow and expand the Knightsbridge Family, we continue to have a deep understanding of your desire to innovate and be extraordinary — both in business and in life.
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