Many companies, their directors and senior managers unwittingly allow themselves and their personal assets to be exposed to potentially devastating litigation, mistakenly believing that their public liability or professional indemnity insurance extends to protect them in the event of legal claims against themselves and the company.
Furthermore you might consider an action taken by a third party is baseless, however dealing with a dispute means obtaining legal advice which often results in significant costs. Defence and investigation costs alone can be financially crippling for businesses and individuals and without adequate protection you could risk losing not only your business but also your personal assets.
Should you ever be faced with unexpected liability costs, Management Liability Insurance can, in many cases, work to protect your business and personal assets from being sold to cover the cost of financial claims.
Importantly a tailored insurance policy is available to cover not only your business balance sheet but also your personal assets. Management Liability Insurance is designed to cover Privately owned companies. These companies and their directors, officers and employees are exposed to the legal consequences of unintended errors arising from their daily actions. The companies also face the potential exposure of financial loss caused by employee dishonesty and similar conduct.
Covers direct financial loss caused by dishonest acts resulting in Loss of Money, Securities or other Tangible Property owned by the Company or in their care custody & control or for which the Company is legally liable.
Covers penalties, which an organisation is required to pay by reason of an order of any Regulatory Authority such as those arising from Occupational Health and Safety breaches.
Covers the Directors & Officers for any claim alleging a Wrongful Act (negligence, breach of duty, misrepresentation) by a Director.
Covers the company for any direct loss and expenses associated with Kidnapping, Extortion Threat or Cyber Extortion.
Please note that exclusions can vary greatly depending on the insurer and the product. Generally, however, you’re policy won’t cover
Get in touch with the Management Liability professionals at FD Beck Insurance today and make sure you’re covered right.