If you have a small to medium sized private company, you could be protected by a policy that covers claims from a wide range of management liabilities, such as; directors and officers liability, company reimbursement, company liability and employment practice liability.
Directors of Australian companies are liable for compensation, fines and costs of claims filed against them. For this reason directors need to ensure they transfer their personal liability to the company and get covered by adequate Directors and Officers (D&O) Insurance. Directors and Officers Insurance protects directors and senior staff from any claims made against them or their actions in their position. A survey conducted by the Australian Institute of Company Directors revealed only 45% of respondents believed they had Directors and Officers (D&O) insurance in place. That leaves 55% of directors at the mercy of claims made against them. This could mean the loss of income and severe financial loss to themselves and their families. With the large number of mass litigation claims on big business, this is one insurance that business directors and senior staff should seriously consider.
Insurance Advisernet can organise a Management Liability quote for you with the following features:
- Directors & Officers Liability
- Corporate Legal Liability (Entity Cover)
- Employment Practice Liability
- Employee Dishonesty
- Statutory Liability
- Kidnap & Extortion
Due to high media publicity and campaigns made public by things such as social media, there has been a rise in class actions as well as the impression that these actions are seemingly acceptable. The exorbitant cost for company’s to defend such claims is a drain on the economy and diverts attention from businesses’ main income generating activities.
Contact your local Insurance Advisernet Adviser today for a tailored Management Liability quote.