As a director of a private company and owner of the company itself, you are exposed to a number of risks.
Consider the following risks which can lead to a significant financial loss:
- breaching directors and officers duties;
- the company breaching a range of laws and regulations;
- employment practice liabilities (eg. unfair/wrongful dismissal or harassment by other employees);
- crime within the business (e.g. employee fraud);
- tax audit investigation expenses;
- statutory liabilities (e.g. workplace/OH&S legislation) which can involve criminal prosecutions;
Not only can these risks cause immediate financial ruin, but also exposure to lengthy and costly litigation.
Owning and running a business today is tough; company legislation, tax laws, employment laws, statutory regulations and work place health and safety legislation are just the start. That’s in addition to making sales, managing staff, developing customer relationships, planning marketing strategies and hopefully making a profit!
Just the cost of defending a claim, let alone any damages and costs awarded against you based on a simple allegation, can be very costly in terms of time and money.
Consider the following:
- the assets of the company being exposed to significant damages, investigation expenses and defence costs.
- pecuniary penalties against you personally and fines against the company;
- theft or fraud by employees, including the cost to investigate, causing immediate loss to you and the company.
These risks are real for all private companies and are increasingly becoming very common.
You can protect your company and yourself against most of the financial loss arising from these events with a Management Liability Insurance Policy.
Contact Us Today
Talk to one of our experienced advisors or brokers who can assist in helping you and your business obtain the correct insurance cover for you. Call us on 1300 400 707 or email us at firstname.lastname@example.org.