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01827 313 931
What is Management Liability Insurance?
Management Liability insurance is an insurance policy designed to protect the individual directors/officers/managers of a business from being personally sued in connection with a business related matter.
The insurance can also be extended to cover all employment related disputes, tribunals and corporate investigations.
Is Directors & Officers Liability the same as Management Liability?
Directors & Officers Liability is included within a Management Liability policy as well as Corporate cover & Employment Practices Liability.
Benefits of Management Liability insurance at a glance
What does Management Liability Insurance cover?
Management Liability insurance is NOT a benefit in kind, even though the company pays for it.
It is primarily there to protect the individual directors and senior staff from being personally sued.
The employment protection benefit is a massive asset to the business too, as with changing rules and legislation, it is possible to accidentally end up on the wrong side of the law.
How much does Management Liability insurance cost?
The cost of Management Liability insurance will vary depending on the size and nature of a business.
At Prizm Insurance, we have clients paying anything from £150 to £25,000 per annum.
How do I find out more about purchasing Management Liability insurance?
Just get in touch with our friendly team here at Prizm Solutions.
You’ll find all our details here.
Have a question?
Our team is
here to help!
One of our team will talk to you about your current circumstances in order to advise the best way forward. If you’d prefer to visit us at our offices in Tamworth, feel free to pop in! Just check our office hours on Google to make sure we’re open.
We’re sometimes asked whether Management Liability insurance is necessary, especially by those who already have liability insurance.
Whilst general liability insurance will protect your business, it will NOT protect an individual named person from being personally sued.
The list of organisations who have the power to sue you as a named person rather than suing the business itself is growing all the time. It now includes employees, creditors, shareholders, the Government, auditors, customers and suppliers.
At Prizm Solutions, we’ve had clients who have been personally sued, but thankfully they had Management Liability insurance cover and managed to successfully claim on their policy.
We’re occasionally asked this question, as people believe the value of the shares in their business will limit their liability. However, shares are different. Whilst a shareholder’s liability is limited to the value of his/hers shares, a director of a company, by law, has unlimited liability for his/her actions.
Should you need to make a claim, make Prizm Solutions your first port of call. As your broker, we are here to help. If your call is out of hours, all insurers operate 24/7 claims lines, and we’ll inform you of these when you take out the policy.
At Prizm, we primarily deal with Aviva, AXA, RSA, Lloyds Underwriters, Zurich, QBE, Allianz, IIGL, Angel (AXA XL), Beazleys, Travelers, AIG, CFC Underwriting and Markel, although the companies offering this insurance may change as the market changes.
If you need to make a claim on your insurance, you need to call your insurance broker or insurance company straight away.
If you have a policy with Prizm Solutions, then you simply call us.
As your broker, we are here to help – and we will provide you with all the contact numbers you need to deal with a claim when you take out the policy.
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Prizm Solutions Limited
First Floor
The White House
16/20 Church Street
Tamworth
B79 7DH
Prizm Solutions Ltd are authorised and regulated by the Financial Conduct Authority.
Prizm Solutions Ltd are registered in England and Wales, Registration Number: 05936749, Registered Address: First Floor, The White House, 16/20 Church Street, Tamworth, B79 7DH.
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We’re here to assist you to put plans in place, to help provide you with some protection from those unexpected curveballs that can be a normal aspect of everyday life!
So, let us help you find the right cover for you.
01827 313 931
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