As a Director you have an obligation to all Government legislations in force. Your business also has many moving parts with many demands upon management time and attention such as customers, staff, regulatory obligations, financial reporting, Super, OH&S – the list is endless. Any of them can expose you to a risk of loss or an omission. Are you protected?
There are a lot of potential trip-wires
How We Can Help
Management Liability Insurance is a comprehensive insurance cover for Private companies as well as Sole Traders and Partnerships. It provides protection to directors and management as well as the insured Company for most of the major breaches and risks that might occur in the day to day running of the business.
It is important to note that it is complex, needs to be well structured and tailored to each individual business.
Management Liability Insurance covers the 5 major areas of exposure.
- Directors and Officer’s Liability and Company Reimbursement – cover for claims against directors, officers or employees of the company for any actual or alleged act, error, omission, breach of duty, breach of trust, breach of authority, misstatement or misleading statement by them.
- Statutory Liability – protection against claims made at the company for any actual or alleged act, error, omission or breaches duty; authority; OH&S or safety laws. It also provides cover for a misstatement or misleading statement by the company.
- Employment Practices Liability – protection for the directors and management and the insured entity from claims by past and present employees for actual or alleged breaches of employment laws, harassment, bullying or wrongful dismissal. The employment laws provide some general protection for employees and this policy provides that general protection for the employers.
- Superannuation Trustee Liability – security for the trustees, employees, the business and the fund itself against claims brought in relation to wrongful acts, whether actual or alleged. Don’t think your small business is a trustee, well how long do you hold staff Superannuation money on behalf of your staff before it is paid into the fund? You just became a trustee!
- Employee Theft – covers direct financial loss to the company resulting from fraud, dishonesty or theft committed by an employee, acting alone or in collusion with others. Not just for money but also property.
Originally, this is a serious consideration for all private companies and as your business gets bigger your exposure continues to grow. Recently, this policy has been extended to Sole Traders and Partnerships as their exposures are the same.
Just because they are not Pty Ltd doesn’t mean they are not equally exposed. In our experience that is where complexity kicks in and despite best intentions, things get missed.
Why Work With Oracle?
Oracle Group partners with you
- Understand – it is important to understand your business in all its different facets, so we can identify your potential exposures and risks. Many of which you are probably unaware.
- Advise – from there we can advise you about where you are carrying all the risk, and what insurance you should consider. Then, you can make an informed choice.
- Implement – insurance products best for your business are notoriously wordy and complex. We sift through and decipher them to find the product that best suits your needs and protects you.
- Advocate – when it comes to claim time, we are your expert advocate with the insurance companies. With a 96% success rate, we you get back on your feet fast.
- Ease – insurance can be a frustrating grudge purchase. At Oracle Group we make it easy, so you get back to running your business with peace of mind, knowing you are protected.