Management Liability Insurance
What is Management Liability Insurance?
Many small and medium-sized business owners think they don’t need Management Liability Insurance as it’s only relevant to large and multi-national companies. However, ML Insurance is just as important to small and medium sized businesses as any others.
What does Management Liability Insurance cover?
As a manager, you may make good-willed decisions and actions, mistakes can still happen. Even if the individual in question has not acted improperly, the cost of investigating and then defending an allegation which can prove to be very costly. This can also cause large amounts of stress and lost time.
Typical claims that can be covered under these policies include HR and employment issues, breach of contract, decisions that exceed their authority, misrepresentation, inaccurate reporting, regulatory and legal non-compliance.
As a matter of course, directors, managers and officers usually make these types of decisions daily, so it pays to ensure they’re fully covered if any regulatory or legal claims or investigations are made against them.
The key elements of ML cover include:
- Directors & Officers Liability
- Company Reimbursement
- Employment Practices Liability
- Statutory Liability
- Trustees Liability
- Internet Liability
- Kidnap, Ransom & Extortion
Do you need Management Liability Insurance?
Every business is different, your needs and risk tolerance is completely different to the business next door. It is important to meet with us before making a decision about your Management Liability needs. We will be able to perform a risk analysis and explain the circumstances in which you may need to make a claim on this type of policy and how it would help to protect your business from situations such as employee dishonesty, wrongful terminations and cases of harassment.
Talk to us today about your Management Liability insurance needs.