Being at a higher position in an organization, you may be liable of any mismanagement or illegal practices that may happen in department you are in-charge of. It is possible that without your knowledge your juniors may create a circumstance which may take you to the legal consequences. This is where management liability insurance plans work for you and save you.
Generally, management liability insurance is an imperative form of business insurance cover plan with large number of individuals at director and management position. It is designed by the insurance industry experts for such companies which are not covered under large business package like product or public liability or professional indemnity insurance policy.
Here is a list of major areas which you can expect to be covered in management liability insurance:
Directors & officers liability
This covers the claims imposed against directors and officers of insured company for any illegal act, error, omission, breach of duty, misleading statement etc.
Superannuation trustee liability
It covers claim against a trustee of superannuation fund which pertain to actual or alleged act by the trustee in that role.
Insured organization liability
Offers claim against the company for alleged, misstatement, misleading statement etc.
Besides this, also covers employee crime, statutory liability and employment liability. The major benefit of management liability policy is employment liability which include sexual harassment claims by an employee of a company.
To get such policies and plans, simply approach an insurance company which offers you professional advice and tailor made solutions to suit your needs.