Running a successful business can be very rewarding, although there can be challenging times. If you own a business, there could be a situation which puts you in a difficult legal position. Management liability insurance will provide the protection you need should a claim be made against you. This guide will provide you with the information you require to find the most competitive insurance.
The cost of management liability insurance has many deciding factors. For example, the size of the company, your experience, how long you have held the position and the industry. The cheapest policies will be available for those with vast experience, especially if they have been in the position for a long time.
It is advisable to check that you are not covered by other forms of business liability coverage, as you could be double covered. If you decide that you require management liability insurance, we can help you find the best deal.
You may also hear management liability cover referred to as directors and officer’s liability insurance. Whichever term you use, they are all used to describe insurance cover for those which are responsible for business decisions. As a business director, you could be held liable for business decisions. This liability also extends to positions which were held in the past. Even if you left the position many years ago, you could still be held liable for any decisions you made while in the position.
There are a variety of situations which could see you relying on management liability insurance for protection. Management liability coverage is designed to cover you personally, if a claim is made against both you and your business. For example, you could be accused of a wrongful act while running a business.
In some situations, your personal finances and assets could be put at risk. For example, if the standard business insurance doesn’t cover the directors, you will be held personally responsible. You will be required to meet legal costs and potential compensation claims, which could extend into the thousands.
There are many situations which could lead to a claim, for example:
A breach of trust
Health and safety issues
Management liability insurance can also be used if HMRC, liquidators, investors or police file claims against you personally. This is a potential situation if a business enters administration or is going through liquidation.
We can help you quickly find and compare the best management liability insurance policies. Simply enter your details into our simple online form and our team will analyse your unique requirements. We will then compare quotes on your behalf from our panel of leading business insurers, to save you time and money. Instead of contacting multiple insurers, it is possible to complete just one form to access our panel of trusted insurers.
You should always check the details of the policy, as the type of cover offered can differ between providers. For example, are there any exclusions, an excess to pay or limits to the cover amount? Once you find the ideal quote, we'll help you complete the process. We know that it isn’t always possible to pay for the full premium upfront, so there are options for monthly payments.
Here at BusinessComparison we specialise in helping businesses find the best financial products at the cheapest prices. To find out more about any forms of business insurance, please contact our experienced team today.