At get indemnity™ management liability insurance starts at £381 annually for a £1 million D&O insurance and Corporate Legal Liability limit. Below we explain how management liability insurance is packaged and how it can protect you and your business.
Directors and officers insurance is a key cover provided under management liability insurance. In addition, there are a number of additional protections that can be purchased under the same policy.
Civil, regulatory and criminal allegations made against individuals and/or the company can be very costly and time consuming to defend, even if they're without merit. We've produced a guide called: Why company directors don’t need D&O insurance?
Each insurer's standard management liability insurance policy varies, however the broad covers are comparable under the below sections:
Management liability insurance has not always been purchased by small businesses, but has become increasingly important in a litigious environment to protect against increasingly expensive legal costs.
The law generally seeks to protect individuals from personal liability where they have acted in good faith and complied with their responsibilities. However, any director, partner or employee acting in a managerial capacity on behalf of the company that fails to meet their legal obligations can be held personally liable.
Dealing with employees can be highly emotive and if internal procedures aren't followed, you can leave yourself open to successful employment tribunal claims. With greater employee awareness of their rights and how to exercise them, the cost and resource to defend employment disputes can cause significant disruption.
Corporate legal liability is similar to D&O insurance but will defend claims made against the company as opposed to individuals. Breach of contract, copyright infringement and corporate manslaughter are typically covered. Corporate legal liability can only be purchased in conjunction with D&O Insurance.
Companies with inadequate controls are often the target of sophisticated criminal networks and disgruntled employees. Crime insurance can offer valuable protection against damaging criminal behaviour. Employee theft is the standard cover offered under crime insurance. However, some insurers have expanded this section to include cover for social engineering fraud.
Additional management liability insurance covers can include:
At get indemnity™ we're specialist management liability brokers. To obtain your management liability quotes, please complete our online application and we can typically offer quotes in less than 48 hours.
If your business has a low to medium hazard exposure (typically viewed as being financially stable and not operating within a high-risk industry class) competition remains in the market.
This guide is for information purposes and based on sources which we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.