There are many risks associated with running a successful business.
Luckily, there are ways to mitigate these risks – and comprehensive management liability insurance is one of them.
So, what is management liability insurance?
Basically, if you are ever accused of neglecting your duties as a manager, or behaving in a false, misleading or deceptive way, a management liability insurance policy can prevent you from losing both your business and your personal assets.
This type of cover can protect you if and when a member of staff accuses you of unfair dismissal, harassment or another issue associated with their employment.
Penalties issued against your business for breaches of statutory requirements, such as Occupational Health and Safety or Workers’ Compensation, may also be covered by management liability insurance.
The policy can also include a section dedicated to crime – this covers such events as employee theft of stock and fraud.
All of these features are what sets management liability insurance apart from professional indemnity insurance.
While professional indemnity insurance may cover you in the event that a third party is unhappy with your professional or specialist services, management liability insurance will protect you against claims that your actions as a manager have caused harm to others.
If you’re a manager, it’s important to keep in mind that the larger your business is, the larger any claims will be.
In addition to this, you may not be aware of your legal responsibilities as a manager – legislation around this is constantly changing, so making sure you get advice from a professional, trusted company such as MGA Insurance Brokers is vital.
When it comes to running a business, it pays to be prepared. Don’t leave your future or the future of your company to chance – contact MGA Insurance Brokers today to discuss your small business insurance options.