Management Liability Insurance

Q: Can I pay my premiums by the month?

Yes. First Peoples Insurance can arrange monthly premium funding for many insurance policies through approved premium funding providers. For commercial insurance policies, the interest charged on a premium funding loan may be tax deductible, depending on your circumstances. Tax treatment differs for personal insurance products and may not be deductible. You should seek advice from your accountant or tax adviser regarding the tax implications of any premium funding arrangement.

Q: How do I make a claim?

As your Adviser, you will always contact First Peoples Insurance in the first instance and we will guide you through the claims process as this can vary from insurer to insurer.

Today’s exposures

Litigation concerning illegal conduct, occupational health and safety, and breach of directors’ or officers’ duties in Australia is on the increase. Often allegations made against a company’s management may be unfounded, however the cost of defence can be substantial. A Management Liability policy is specifically geared to protect you and cover your defence costs. Without the right insurance you could risk losing, not just your business, but also your personal assets.

You can be personally exposed to

The cost of defending a claim, and any damages and costs awarded. These can be based upon an allegation of you breaching your duty as a director or officer.

The cost of preparing for and being represented at an inquirythat you are required to attend because you serve as a director or officer.

Pecuniary penalties that arise from you being a director or officer.

A claim against you by another director, officer or employee arising from an employment related complaint.

Liability whilst serving as an external director.

Liability whilst acting as a trustee of a corporate superannuation fund.

Your company can also be exposed to

The cost of defending a claim,and any damages and costs awarded as a result of a wrongful act.

Theft or fraud by employees.

The cost of investigating theft or fraud by employees.

Pecuniary penalties imposed on the company.

The policies available through First Peoples Insurance can cover:

Directors & Officers Liability

Providing coverage for mis-management claims against the directors and officers where they are not indemnified by the Company.

Company Reimbursement

Providing coverage for legal expenses and losses incurred due to allegations made against the company.

Company Liability

Providing coverage for mis-management claims against the Company.

Crisis Containment

Providing coverage for costs associated with the appointment of a public relations consultant to assist with the management of a crisis threatening the business.

Employment Practices Liability

Providing coverage for claims by employees against the Company for employment related issues such as unfair dismissal, sexual harassment or discrimination.

Superannuation Trustees Liability

Providing coverage for mis-management claims of the staff superannuation fund.

Fidelity Guarantee

Providing coverage for direct financial loss caused to the Company by the dishonesty or fraud of employees or directors.

Advance Paymentof Defense Costs

Legal representation costs incurred by directors/officers at official investigations or inquiries and cover for directorships held with other companies.

First Peoples Insurance is a 100% Aboriginal-owned, full-service insurance broker, not a product seller. We partner with you to understand your risks and design tailored insurance brokering solutions that evolve with your needs.

We have access to a large range of quality insurers and policies to ensure you obtain the best possible coverage.

Our claims team has years of experience and expertise in successfully managing complex and difficult claims

Frequently Asked Questions for Management Liability Insurance

We can tailor a Management Liability insurance to suit your needs. Whilst the exposures may vary for all businesses, regardless of size, your business can benefit from a Management Liability policy.

Yes. First Peoples Insurance can arrange monthly premium funding for many insurance policies through approved premium funding providers.

For commercial insurance policies, the interest charged on a premium funding loan may be tax deductible, depending on your circumstances. Tax treatment differs for personal insurance products and may not be deductible.

You should seek advice from your accountant or tax adviser regarding the tax implications of any premium funding arrangement.

Management Liability costs are based on the size of your business and what you do. The covers they provide represent excellent value.

Claims brought against a business and directors can come from creditors, suppliers and even the government. Whilst many claims are unfounded, the cost to defend can be astounding. A Management Liability policy provides peace of mind.

As your Adviser, you will always contact First Peoples Insurance in the first instance and we will guide you through the claims process as this can vary from insurer to insurer.