Management Liability Insurance and why you need it
As a director of a private company and owner of the company itself, you are exposed to a number of risks such as:
- Breaching directors and officer's duties.
- The company breaching a range of laws and regulations. There are over 5000 pieces of legislation that can result in a fine or penalty in Australia – Federal, State, or Industry Specific legislation and over 700 provisions that can find a director personally liable.
- Employment Practices liability (e.g. unfair/wrongful dismissal or harassment by other employees).
- Crime within the business (e.g. employee fraud).
- Tax audit investigation expenses
- Statutory Liabilities (e.g. workplace/OH&S legislation) which can involve criminal prosecutions.
Not only can these risks cause immediate financial ruin, but also exposure to lengthy and costly litigation.
Just the cost of defending a claim, let alone any damages and costs awarded against you based on a simple allegation, can be very costly in terms of time and money.
Management Liability Insurance can protect your company and yourself against most of the financial loss arising from these events.
AIB Australia has vast experience in the complex field of Management Liability Insurance and can provide the cover you need. For an indicative cost of cover, without obligation, please complete and submit the short questionnaire below, we’ll provide a cost of cover quotation to you within 24 hours.