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Management Liability Portfolio Insurance

24th February 2014

Around 80% of small and medium sized businesses do not protect themselves and their directors and officers against personal claims against them although the list of potential and actual causes of claims is growing rapidly. These range from corporate manslaughter, health and safety, environmental and other governmental or regulatory actions to claims from employees, creditors, suppliers, shareholders and customers. Increasingly the management of businesses is being personally bought into the litigation process on the ‘someone must take the blame’ culture. And you may not know a limited liability company no longer protects management from unlimited liability.

There has always been a range of covers available but often from differing insurers with potential gaps and conflicts between each one. A new concept has recently been introduced called Management Liability Portfolio Insurance which brings together the three main risks faced:

– Directors and Officers Liability Covers

– Employment Practices Liability Covers

– Corporate Legal Covers

The policy covers the legal costs of defending the business and its management against a whole range of actions from corporate manslaughter, pollution and environmental problems, to employee and regulatory authorities’ actions. It also pays the costs or financial losses from a number of events such as employee dishonesty, lack of data protection, employee claims, those from other shareholders and many more. Horner Blakey Insurance Brokers can offer a no obligation quotation and with solicitors widening the net of potential defendants on ‘catch all’ basis, it makes sense to have one insurer and policy covering everyone’s interests.

This approach protects the management and the business against a wide range of expenses and damages which could potentially cripple them financially.

For a no obligation insurance review and to find out more about how we may be able to help you please call Horner Blakey Insurance Brokers on 020 7929 0108

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