Management Liability Insurance cover can bring a new layer of service to your traditional kind of coverage. It’s a means of providing you access to specialists who are experts at mitigating and minimising the costs to your business.
However, it is also important to note that managing risks and risk management are two very different things.
The truth is, even in the best-managed organisations, things go wrong, and crises will occur. But the real challenge to any management risks lies not just in the way an organisation responds to a particular crisis, but how it mitigates the risk of it happening in the first place.
There is a range of ways in which your company can be damaged, and depending on the services or products that you provide- each circumstance requires a unique response, in order to give your brand the best possible chance of recovering from a potentially disastrous event.
Businesses need to get back on track and have revenue coming in as soon as possible following a loss, as well as helps businesses and individuals cope with the immediate aftermath of an incident.
Here are a number of our products that can aid you in the event of damage or crisis in your organisation:
The greatest utility of management liability insurance is to protect Managers, Directors and Officers from personal liability as a result of acting on specific duty requests and responsibilities.
This type of cover can be vital in protecting or indeed defending your personal or professional reputation against claims of negligent behaviour.
The investment game can be a volatile one, and part of the nature of it is that sometimes your investment returns won’t meet the projected expectations, causing discontent in the ranks and even in the client in some cases. In some very extreme cases, the client may even ask you for or even legally claim recompense, claiming negligence on your behalf of mishandling their assets.
Claims against you, whether justified or not, can have a great impact on your business. It is important to remember that this can be insured against, protecting you and your staff from the damage that may arise from a dubious claim.
Professional indemnity can protect you in the event of a negligence claim against you, and this protection can prove vital in the event of a claim.
Typical liabilities covered by Professional Indemnity Insurance include;
-Providing erroneous advice
-Breach of confidentiality
-Conflict of interest
-Infringement of intellectual property
-Unintentional defamation or libel
-Cover for expenses for public relations or media advisors in the event of a crisis
Some of the most common professions that obtaining Professional Indemnity Cover include;
Business Consulting, Architecture, Engineering, Real Estate, to name a few. Getting covered with professional Indemnity insurance is a great way to drastically minimise your exposures to certain industry-specific risks.
A BCMP is vital in providing small to medium-sized businesses (SMB), a workable framework with which to identify prevalent industry risks.
However, in an area that prides itself on a bustling and thriving small business economy like Bondi, BCMP’s provide a very useful platform for these businesses, and as well a tool to respond to various risks including data breaches, disaster recovery and even contingency planning.
A Business Continuity Management Program emphasises the importance of the following factors:
– Understanding continuity and preparedness needs, as well as the necessity for establishing business continuity management policy and objectives.
– Implementing and operating controls and measures for managing an organization’s overall continuity risks.
– Monitoring and reviewing the performance and effectiveness of the business continuity management system.
– Continual improvement based on objective measurements.
When a risk directly impacts an organization such as a natural disaster, a response is set in motion according to specific plans. Having the right support when a threat becomes a risk to their organization. Executed correctly, a BCM program improves business resiliency, allowing organizations to save lives, reduce costs, increase productivity, and keep operations running.
Running a different operation can make you an expert in professional indemnity insurance, keeping you well in the game with cyber liability and commercial crime insurance too.