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Managing business risks is critical to the overall performance of a business, its profitability, reputation, employee retention and shareholder value. However, there are inherent risks that businesses often fail to address, until it is too late.
Claims covered by a management liability insurance policy are reported daily in our newspapers. Recent changes in employment laws, a tightening economy and a greater emphasis on private businesses by regulatory bodies, have prompted an increase in the volume of claim notifications on management liability policies.
We have seen many businesses suffer significant losses. For those businesses without management liability insurance, the losses could have wiped their annual profits or potentially forced the closure of their business.
BBA Insurance Brokers is a leading provider of business risk and insurance advisory services in the private industry sector. In order to protect clients more effectively, our experienced team has developed a comprehensive management liability insurance package, in one simple policy.
The BBA management liability insurance is tailored to your specific requirements. It allows companies the flexibility to choose the liability cover best suited to their current business needs. As companies grow and change, our comprehensive management liability package has the options and limits to evolve with them.
The key elements of the cover include:
Cover generally only applies to the loss of money, securities or other tangible property, and includes reimbursement of the amount of loss sustained, as well as fees, costs and expenses of a fraud investigator. Risks include misappropriation of monies, fraud and theft of company goods by employees or third parties.
Employment Practices Liability (EPL)
Covers damages and defence costs incurred for employment related disputes including unfair dismissal, discrimination and sexual harassment.
Directors and Officers (D&O)
Cover is provided for investigation costs, defence costs for damages claims and OHS matters. Risks include breaches of D&O and/or fiduciary duties, trust, negligence, misleading or deceptive conduct and omissions.
Covers many of the same risks as D&O where a claim for compensation will typically be brought first against the entity
Covers fines and penalties imposed by a regulatory/ government body for breach of statutory requirements.