Owning and operating an engineering business carries with it significant legal responsibilities and risk exposures. In today’s litigious environment, Management Liability Insurance is an essential policy if you own or manage a business.
Management Liability Insurance is designed to protect you, your business and your personal assets against significant financial exposures and legal expenses should you find yourself in one or more of the following situations:
- Alleged wrongful acts by owners, directors or senior management
- Dishonest acts by employees e.g. embezzlement of money or products
- Claims made by employees resulting from employment practices e.g. allegations of harassment, bullying, wrongful dismissal
- Facing statutory fines and penalties
- Tax audit costs
Over the last 10 years, insurance industry statistics indicate that the frequency and severity of Management Liability claims have more than doubled (Dual Australia Pty Ltd). This further highlights the essential nature of this policy.
EngInsure will work with you to ensure your business and personal assets are insulated against the risks of operating an engineering business in Australia.
Please Note: Below are some of the more common insurance policy features, however, the list is not exhaustive and some features may not be offered by certain insurers. Please refer to the insurer-specific policy wording for inclusions, exclusions, terms and conditions.
Provides cover for claims against your business alleging wrongful acts. A claim against the entity can cause the same personal financial hardship to the owner as a personal claim made against a named director or officer.
Comprehensive crime coverage provides protection for your business against dishonest acts committed by employees such as theft and fraud, including theft of stock.
Complete coverage against mismanagement of company funds. This feature also provides cover when a trustee responsibility breach occurs in situations where your company has a sponsored staff superannuation fund.
Protection for company directors, officers and employees for claims alleged by current, past and prospective employees for issues that arise from employment practices e.g. harassment, unfair dismissal and other employment related matters.
Wide reaching cover for company directors and the entity itself for fines and penalties incurred as a result of operating the business. This generally includes fines relating to Workers Compensation.
Directors & Officers
Protection for directors and offices against claims alleging a wrongful act for which the company does not grant an indemnity. This coverage is designed to protect past, present and future directors and officers, as well as anyone else involved in the management of your business.