How Management Liability Insurance Covers You from Thieving Employees

Among many other risks that a business might face, loss due to thieving employees is one of the most complicated things to deal with. In such cases, a business does not only lose a part of their assets or stocks, but they are also at risk of facing unfair dismissal charges from these dishonest employees. Nevertheless, this does not mean that you should be ignoring these events, particularly if an employee had taken quite a significant amount of assets from you. A good example would be what happened in a coal mine near Newcastle.

According to reports, a 38-year-old mineworker has been charged for stealing over 300 kilograms of copper wire from a coal mine at Black Hill. Police found three 100 kilogram spools of copper wire (worth around $3,500) from the mineworker’s car during a search, the same quantity which was reported to be stolen.

Reduce the Risks to Your Business with Management Liability Insurance

As a business owner, board director, or officer, perhaps one of your most crucial tasks is protecting the business. That includes insuring various aspects of your venture so that when a troublesome situation arises, your enterprise would not be caught off guard. Thus, management liability insurance is an essential type of insurance every company should have.

Management liability insurance aims to protect directors, managers, and business entities from claims like sexual harassment, wrongful termination, and discrimination. It also covers other matters that pertain to governance, finance, and management activities. A standard Buderim management liability insurance policy includes director’s and officer’s liability, fiduciary liability insurance, employment practices liability, and special crime insurance. These may be separate, or combined in a single package.

Cover the Risks: Management Liability Insurance in Sunshine Coast

Today’s business environment is as unpredictable as the weather. Corporate empires can take years to build but can be brought down in mere minutes. If you want to protect all the hard work you’ve put into establishing and managing your company, you have to make sure that your business is protected against the unexpected.

An alarming number of businesses from all kinds of industries forego one of the most crucial components of an insurance program, management liability insurance. Every year, millions of dollars are spent on claims when the interests of a company’s management and staff come into conflict. Such losses could have been prevented by simply including management liability insurance with the company’s other risk programs.