Directors and Officers of small to medium sized privately owned businesses (SMEs) have a large responsibility when it comes to running a business properly and looking after the staff. But sometimes things go wrong and it is often out of your control. Claims against you and your company can include fraud, harassment, bullying, unfair dismissal, discrimination, OH&S penalties, and defamation, just to name a few.
Management Liability Insurance gives you peace of mind and confidence to grow your business, knowing that your personal assets are protected against legal liabilities brought against you personally through managing a business.
Claims can be made against you by employees, competitors, shareholders, and clients, and if you don’t have the right cover you could potentially lose everything (not only your business but also personal and family assets).
So what is the difference between Management Liability Insurance and Professional Indemnity Insurance I hear you ask?
- Management Liability covers you against allegations you mismanaged your company,
- PI protects you against claims regarding professional advice or services you provided.