Management Liability cover provides comprehensive protection for businesses, their directors, officers, and employees against risks associated with management and operations. It typically combines several coverages into one policy and includes:
- Directors and Officers Liability: Legal costs and damages for wrongful acts, mismanagement, or breaches of duty by directors or officers, including shareholder or regulatory claims.
- Employment Practices Liability: Costs from employee claims for wrongful dismissal, discrimination, harassment, or other workplace disputes.
- Fidelity/Crime Cover: Losses due to theft, fraud, or dishonesty by employees or third parties, such as embezzlement of company funds.
- Statutory Liability: Fines, penalties, and defence costs for unintentional breaches of New Zealand laws, like the Health and Safety at Work Act 2015, where insurable by law.
- Legal Defence Costs: Expenses for defending lawsuits, investigations, or regulatory actions against the business or its management.
- Public Liability: Cover for legal liability arising from personal injury or property damage to a third party.
This insurance is ideal for small to medium-sized businesses seeking broad protection for management-related risks. A lot of these covers can be arranged separately, combining them all into one product takes advantage of cost minimisation.
Subject to variations in insurers wording, exclusions and case specific endorsements.
