Management Liability Insurance protects directors and owners of companies - and companies themselves - from issues that can arise from managing a business. This type of insurance is borne out of the Corporations Act of 2001. For more information click here.
Insurance claims against directors have increased dramatically in the past few years.
Here are some little known facts:
Under Statutory Liability legislation there are over 5,000 legislative provisions that can result in in fines or penalties and over 700 provisions that can find a director personally liable
59% of all Management Liability claims relate to Employment Practices Liability
Frauds take over 3 years to detect (Warfield & Associates)
$1.8bn is the highest value of a reported fraud on record in Australia (KPMG Fraud Barometer)
There are over 100,000 private companies in Australia with revenue >$2m
For Phoenix Insurance Brokers to obtain cover on your behalf complete the proposal form here
or contact us
today to discuss Management Liability Insurance for your business.