Three essential insurance products to protect the people driving your business
Your senior leadership team are integral to the success of your business. Here are three crucial insurance policies to protect the people you trust, and your company as a whole.
#1 Management Liability
Running an organisation comes with significant liabilities. Business owners, directors and managers are subject to more than 700 federal, state and territory laws that may hold them personally liable for mistakes, employment disputes, regulatory compliance omissions or the conduct of staff members.
Management liability insurance protects the individual directors and managers and the organisation itself in relation to these exposures associated with managing a business. As a hybrid insurance policy, it bundles together several standalone insurances into a single package to provide protection for a variety of risks or liabilities business owners and managers face in their day to day operations.
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Management liability covers
Directors and Officiers' liability - cover for the costs of defending directors, managers and employees against claims arising from their actions and decisions as managers.
Corporate Liability - protects the business more broadly from unexpected claims brought against the business entity itself.
Employment Practices Liability - protects the business from employment practice related claims. This can include unfair dismissal, discrimination by past and present employees, customers or suppliers.
Statutory Liability - protection for both individuals and the business entity against fines and penalties.
Tax Audit - cover for the fees and charges for an accountant or tax agent to respond to an audit notice from the Australian Tax Office (ATO).
Crime - protects the balance sheet from fraud, theft and dishonest activities carried out by employees and third parties.
#2 Group personal accident & illness
Business Protector Plus is agroup personal & illness insurancecover that helps protect your team with a specified infectious disease benefit offering an additional lump sum cash benefit to help meet any out of pocket costs following hospitalisation or Mandatory Enforced Isolation.
Other features of this group personal & illness cover include
Business continuity booster – An injection of funds to help support your business during times of major disruption where more than 40% of employees are hospitalised or quarantined at the same time due to a covered infectious disease
Serious accident response - A lump sum payment that allows your business flexibility in reacting to the challenges following a serious accident in the workplace
Oversea medical expenses - Unlimited medical expenses for employees on authorised business travel overseas for unexpected out of pocket costs that are the result of injury or sickness.
As interstate business travel begins again, don’t forget to review your corporate travel insurance arrangements. We offer flexible insurance coverage for both you and your staff if your travel plans hit turbulence.
Policies start at just $450* + charges and benefits include
Coverage for up to 28 days of business related travel per year
Maximum 14 days' duration for any one trip
Loss of deposits and additional expenses
Emergency medical and evacuation expenses when overseas
The value of an insurance broker extends beyond the placement of insurance. Value sits at the heart of what drives longer term relationships – responsiveness, knowledge, communication and partnership – and a shared commitment to achieving the best outcomes for you, your team and your business.
Gallagher is much more than a simple price comparison service. We take the time to gain a deep understanding of your business and industry, and work in partnership with your team to implement a robust risk management program that protects your business, now and into the future.