Management Liability Insurance
Insurance to protect your property? Check. Insurance to protect the company if errors are made? Check. Insurance in case you damage a Third Party’s property? Check. Insurance to protect your Employees? Check. Insurance to protect yourself as a director/shareholder/officer? … hang on
It’s common practice nowadays to make sure your goods, the public and your employees are protected but what about you and your fellow directors/shareholders/officers? What happens if an employee raises a claim against you following, for example, a breach of trust? What if a fellow shareholder tries claiming for a drop-in share profit?
What you need is Management Liability. This insurance is a ‘package’ type insurance and would protect you by covering any legal costs to defend any claims (actual or alleged) and will pay out costs in the event of an unsuccessful defence. The three types of cover available are Directors & Officers Liability, Employment Practices Liability and Corporate Legal Liability.
As the head of a company, a lot of responsibility rests on your shoulders and you could find yourself in deep water if others aren’t happy with the way you lead. You don’t even need to be actively involved in the incident; if it’s found that you ‘should have known’ you’ll still be held liable for negligence. It could put your livelihood at risk and if you are targeted by legal action, the costs will come out of your personal finances!
Claims could include claims of breach, of regulation, duty, wrongful trading, slander, libel, discrimination, unfair dismissal etc. Anything in relation to how the company has been managed.
As an independent insurance broker, we have a wide range of UK insurers who can provide a Management Liability policy. Having obtained the information required, our highly trained and professional brokers will search the markets available to obtain the most comprehensive quotation that suits you and your business.