Do you need it?
WHY DO YOU NEED IT?
What does it cover?
- Breach of duty
- Occupational Health and Safety
- Theft by employees or contractors
- Unfair dismissal.
- Damages and claimant costs awarded against you
- Legal fees
- Investigation costs
- Civil fines and penalties
- Representation costs where you are legally required to attend an inquiry or investigation regarding company affairs.
What People Say
Frequently Asked Questions
If you need to file a claim with My Insurance Specialist, you can visit our claims page for more information. This page is designed to provide you with a straightforward and streamlined process for reporting a claim and getting the support you need to resolve any issues as quickly and efficiently as possible.
Any company that has executives, directors, or officers can benefit from management liability insurance. This includes public and private companies, non-profit organizations, and even government entities. It’s important to note that even if a company has robust risk management procedures in place, executives and officers can still be exposed to risks that may lead to legal action. Management liability insurance can provide financial protection for these individuals and the company.
Management Liability claims refer to the legal actions taken against an employer by an employee or a former employee, for various employment-related issues that are not covered by workers’ compensation. These claims are becoming more common, and the costs of defending against them and paying damages can be quite high.
Discrimination claims can arise from a variety of reasons, including age, gender, race, disability, or religion. Sexual harassment claims are also a common issue that can lead to legal action, and can take the form of unwanted sexual advances, physical contact, or inappropriate behavior. Wrongful termination claims can be brought by employees who believe they were fired for illegal reasons such as retaliation or discrimination. Workplace bullying is another issue that can result in legal action, and can involve verbal abuse, intimidation, or other forms of mistreatment that create a hostile work environment.
Management Liability insurance can help protect businesses from the financial impact of these types of claims, which can be significant, and can include costs associated with legal defense, settlements, and damages. By having this type of insurance coverage in place, businesses can have peace of mind knowing that they are protected from potential liability claims that can arise from employment practices.
The cost of management liability insurance can vary based on several factors. Some of these factors include the size of the business, the industry in which it operates, the type of coverage required, the level of risk involved, and the history of claims.
For instance, larger businesses with more employees and higher revenues may require higher coverage limits, which can lead to higher premiums. Similarly, businesses in industries with a higher risk of lawsuits or regulatory actions may also pay higher premiums. Additionally, businesses with a history of claims or litigation may face higher premiums due to a higher perceived risk of future claims.