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PSC WSC Insurance Brokers - Wisdom Security Competence

General Insurance Brokers Sydney Offering a wide range of products and services to individual clients as well as commercial and industrial enterprises.

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What is Management Liability Insurance?

When you’re running a business, you may be personally liable for any actual or alleged breaches of the Corporations Act. And it’s not just large companies that are exposed - small and medium business owners and officers could be at risk as well.

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A former employee claims they were wrongfully dismissed from your business because they were unwell at the time their position was terminated. They want to be reinstated to their role and remunerated for their loss of income while they were out of work. After numerous unsuccessful conciliation attempts, the matter is brought before a court and you have to pay damages to your former employee. A Management Liability policy allows you to recover some or all of these costs so you can continue to run your business without having to sell your business or personal assets. Depending on your policy, you may be able to make a claim for your legal defence costs, as well as the amount paid to your former employee.

Management Liability Insurance

Management liability insurance covers the costs of defending directors, managers and employees against any claims that are the result of their actions or decisions.

Who should consider it?

If you are faced with unexpected liability costs, management liability insurance can protect your business and personal assets, such as your home, from being sold to cover the cost of paying claims.

What can it cover?

Management liability insurance policies vary in the benefits they provide. To give you an idea, here’s the type of cover

that your policy may include:

Employment practice liability

Directors’ and officers’ liability

Crime

Corporate liability

Statutory liability

Defence costs

What usually isn’t covered?

Exclusions and the excess you need to pay can vary greatly depending on your insurer.

Generally your policy won’t cover:

Cyber crime, unless specifically set out in your policy (you can get cover extensions in some cases).

Employee entitlements.

Property damage or bodily injury

There are other exclusions which we can outline for you.

Management Liability Brochure

Download our latest management liability brochure

Ready to find out more?

Contact us to discuss your Management liability insurance needs.

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