Around ten years ago the Shield team implemented its first Management Liability Insurance Policy. Back then, it was a cutting-edge product designed to give SMEs the kind of protection previously enjoyed only by large organisations.
At the time, it was challenging to get SME clients to understand the value of this coverage. The risks associated with OH&S, employment, crime, Directors and Officers responsibilities were still back-of-mind for most small business owners & managers. But we could see the risks rising. Our comments to our very first Management Liability policy holder were “you are insured for Public & Products Liability and you see the value of it. However we think you’re more likely to experience a loss arising from a management liability event. Why wouldn’t you do it?” Thankfully for them, they did!
Of all the liability covers we offer clients, management liability has by far the highest claim frequency. In our opinion, it is a winner for the SME owner.
Here are ten real instances where Shield clients have benefitted from Management Liability Coverage, where it provided both defence against financial risk and, in some cases, covered fines and settlement costs.
Any one of these scenarios might easily play out in workplaces across Australia on any given day. Management Liability Insurance provides immense peace-of-mind for the SME owner & manager. In our opinion, it is now a must-have cover.
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