Insurance to protect your bottom line!
In an increasingly litigious and complex world, it is more important than ever for companies to protect their financial stability, while individual directors and senior managers avoid or survive lawsuits. Without adequate cover, you not only risk losing your business, or job, but your personal assets, too.
Think it “would never happen to me” or “only in America”. Think again. Daily headlines across Australia reveal an unending string of legal claims involving harassment, discrimination, wrongful termination, even fraud and embezzlement.
Supervisors at every workplace are especially liable and vulnerable to all types of lawsuits. And, as the number of legal claims increase, the costs of settlements seem to be on a steady rise. Defence and investigation costs alone can be financially crippling for businesses and individuals.
Consider this…
OH&S Investigation
An apprentice builder on a construction site was inspecting drilling equipment and was severely injured when a pile of debris fell on him. He was airlifted to hospital but unfortunately died two days later.
A full Occupational Health and Safety investigation began which eventually led to the construction company being prosecuted. During the investigation, it was deemed that the company had failed in its duty of care to provide a safe work place for its employees.
Following a one day hearing, the company was found liable and was fined $250,000. (Plus) Overall defence costs incurred were $80,000.
Think about it.
Employee Allegations
She was retrenched as part of a company wide reduction and commenced proceedings against the company and two managers alleging sexual harassment, wrongful termination and sex discrimination.
She made allegations against the Managing Director that he had inappropriately touched her and made abusive and sexually explicit comments. And further alleged she suffered depression and now was unable to re-enter the workforce due to her mental distress.
Her employer defended the claims but the company was ordered to pay the former employee $60,000 plus her legal fees.
Her employer also incurred $30,000 in defence costs.
Think about it.
Management Liability Insurance is the single best way to manage these types of risks for you and your company. It can prevent a legal suit or statutory claim from turning into a financial disaster. Put simply, Management Liability means covering your backside. Think about it.
Management Liability Insurance coverage extends far beyond what typical policies provide. These are the key insuring sections of the policy that can protect you and your company.
Shields the company against actions arising from managerial matters.
Superannuation Trustees Cover
Protects the trustees of any staff super funds run by the company for employees.
It is important to note that in regards to claims, the Management Liability Policy provides cover for defence costs, which can often run into hundreds of thousands of dollars.
In many circumstances management believe they will never suffer a loss.
Allegations regarding any of the matters detailed above will need to be investigated and defended, and a Management Liability Policy can provide great comfort with indemnity for these associated costs.
In addition to this base cover there are many extensions that can be included to cover any specific requirements of your business.
Think about it.
Management Liability Insurance doesn’t just protect your business,it protects your backside.
And that’s the bottom line!
Directors and Officers
Provides cover for you and your personal assets for actions undertaken in your role as a director of officer.
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