A starter for 10…to get you thinking.
Your business is more likely to be taken to an employment tribunal than have a fire.
But you’re more likely to have Property Insurance than Management Liability Insurance.
Does that make sense? Here at Mark Richard Insurance, we don’t think so.
Management Liability Insurance
Cover yourself and your directors so you’re not personally liable for breaches, discrimination or dismissal. Employees suing companies for unfair or constructive dismissal is more common today than ever before, in this “compensation culture”, and the cost of defending yourself and potential sizable payouts can be huge.
More told, it also protects Directors and Officers (the senior management team essentially) for any unintentional mistakes they make in line with their day-to-day responsibilities.
This could be any customer or supplier suing a Director or Officer of your company (especially a Limited company) for negligence and management liability in the course of their employment duties.
This type of insurance can protect businesses from a range of managerial risks, including personal liability, fines and penalties, employment practices claims, and theft by employees or third parties.
The changing risk landscape has led to greater emphasis on the accountability and liability of a company’s directors & officers highlighting the importance of cover in a post pandemic era.
If you’d like to speak to one the Mark Richard expert commercial insurance team, please call 0117 947 9510 or email info@markrichard.co.uk