Business Insurance
Protection for directors, officers and managers
The decisions you make running a company carry their own risks. Management liability covers the company and its senior people against claims arising from those decisions.
Per the Fair Work Commission's Annual Report (2018–2019), of 13,928 unfair dismissal applications filed, 13,422 were finalised and 8,161 went to conciliation.
What management liability risks are there?
Running a business means living with risk. Management liability is designed around four kinds:
- Strategic risk — decisions that turn out badly, from a merger to a product launch.
- Compliance risk — alleged breaches of regulation, from environment to employment law.
- Operational risk — failures in process, systems or people that cause loss.
- Reputational risk — damage to the standing of the company and its leaders.
Types of liability
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PI vs management liability
Clients frequently ask whether management liability is the same as professional indemnity. They're distinct products. Professional indemnity deals with financial loss a third party suffers from your professional advice. Management liability deals with third-party financial loss caused by mismanagement.
Unfair dismissal by the numbers
Per the Fair Work Commission's Annual Report (2018–2019), of 13,928 unfair dismissal applications filed, 13,422 were finalised and 8,161 went to conciliation.
A closer look: unfair dismissal
Unjustified dismissal is a frequent and growing grievance against employers. Even a fair, transparent termination process can attract a claim — against your company, its directors, and you personally.
From our clients
“Our dealings with KeyInsure have always been very friendly and helpful, also very quick response and professional advice. Pretty sure they save us money on our insurances also. Thank you.”
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General advice only. Consider the relevant PDS & TMD before acquiring any product.