BIC - management liability insurance (1)

Importance of Management Liability Insurance in Australia

In today’s modern business landscape, it is important for businesses to have the right management liability insurance coverage. 

With the ever-changing legal and financial regulations, having a comprehensive management liability policy can protect your business from potential risks and liabilities. This blog post will discuss the importance of management liability insurance in Australia and why your business should not go without it. 

What is Management Liability Insurance? 

Management liability insurance is an important form of protection for businesses operating in Australia. This type of insurance covers a range of risks that could potentially cause financial losses for public and private companies, or resources if they were to occur. 

What Does Management Liability Insurance Cover? 

Management liability insurance covers a range of exposures that could be faced by businesses in Australia, including wrongful acts, wrongful dismissal, employment practice liability, corporate criminal liability, fiduciary liability, and statutory liability, tax audits and penalties. 

This type of insurance is designed to protect directors and officers liability from personal financial losses in the event of a claim being made against them or their companies for wrongful acts committed while managing the business. 

By having management liability insurance cover, business directors and officers can protect themselves from costly lawsuits or other legal action taken against them by their employees or customers. The policy covers the legal costs associated with defending these claims, regardless of whether or not they are successful. 

Why do Businesses Need Management Liability Insurance? 

As a business owner, you have a responsibility to ensure that the company is operating in accordance with all applicable laws and regulations. However, even with proper procedures in place there is still risk involved when running a business – especially if there are multiple people involved in decision-making processes.

This means that having management liability insurance is essential for any business operating in Australia as it provides financial protection from potential risks and liabilities. As businesses are exposed to a wide range of potential liabilities each day, having this type of coverage will provide peace of mind that your business is protected should any claims arise. 

Without adequate protection, your personal assets may be exposed if someone takes legal action against you or your company for any kind of wrongdoing. With management liability insurance in place, you can rest assured knowing that your assets will be protected from any claims made against you or your company.

Additionally, most insurers and insurance brokers offer additional benefits such as access to risk management services and professional advice to help you stay ahead of any potential threats to your business. 

How Can I Get Management Liability Insurance? 

In conclusion, having suitable management liability insurance in Australia is essential for any business operating within the country’s borders. With the ever-evolving legal and financial climate, having this type of coverage can provide peace of mind knowing that your company has adequate protection from potential risks and liabilities should they arise. 

So, if you’re looking for management liability insurance for your business in Australia, it’s important to work with an experienced provider who can tailor a policy that meets your specific needs. 

At Business Insurance Consulting we specialise in helping businesses find the right coverage for their circumstances. We have years of experience helping businesses secure the right policy so they can focus on what matters most – running their business operations successfully and confidently! 

To ensure your business is protected, contact us today to get started!

Credits

Business Insurance Consulting – https://businessinsuranceconsulting.com.au/management-liability-insurance/

Commercial ship

Three Major Types Of Insurance Involved In Marine Insurance

Do you work in the marine sector? Are you responsible for the transportation of goods via sea?

If you answered ‘yes’ to either of these questions, we have a follow-up question: Do you have a comprehensive marine insurance policy?

Let’s take a look at why it is so important that you get a new, or review of your current policy.

Australia relies on marine transport for 99% of its exports. This means that it is extremely important that your cargo makes it to its destination. 

Many things can go wrong at sea, including injuries, cargo loss, and ship damage. When things go wrong you and your business must be protected by marine transit insurance.

What is Marine Insurance?

Marine insurance refers to the range of insurance policies that help protect your business from financial losses from damage to vessels or cargo. Some policies also cover the delivery of goods right to the door and their storage along the way. 

Marine Insurance is essential for businesses that are involved in:

  • Shipping or receiving of goods
  • Commercial watercraft operations
  • Vessel repairs
  • Running a marina
  • Any other marine-related business 

It provides valuable cover for all of your operations both on land and out at sea. 

There are 3 main types of marine insurance cover that you can choose from, depending on your business’s operations and needs.  

Marine Liability Insurance

Worker watching marine port with tablet.

The first kind of cover is marine liability insurance. This covers the legal liability of vessel owners for any injuries or damages that occur as a result of marine-related activities. 

Unfortunately, accidents happen more often than we may think aboard ships. The Australian Marine Safety Authority recorded 319 injuries in 2019 alone, with 54.5% of these occurring on bulk carriers or container vessels. 

While insurance won’t stop these accidents from occurring, it will ensure you won’t face hefty bills after the fact. 

For commercial operators, liability insurance can also cover deviation expenses, legal assistance, and defence costs. 

Ship or Hull Insurance

Ship or hull insurance provides cover for commercial vessels which are engaged in harbour, inland, and coastal operations. This can also be extended to include damage to machinery, third-party liability, and loss of earnings. 

Marine vessels are subject to harsh weather conditions including lightning strikes and tsunamis, as well as collision risks. For this reason, it is important to ensure that you are covered for the costs associated with these damages. 

You can also adapt your cover to include an accidental damage clause, to ensure that your ship is insured against all kinds of damage. 

Cargo Protection

cargo ship out at see with another ship in the distance.

Marine cargo insurance covers the transportation of goods while being transferred, acquired, or held on the ship or dock. Some cargo insurance policies will also cover the cargo to its final destination.

If any accidents occur that result in physical loss or damage of cargo, then your insurance company will cover you. 

These policies are highly customisable, so you can be sure your goods are substantially protected during their entire journey. You can opt to include specific clauses to cover frozen or chilled goods, theft, fires, collisions and so much more. 

So, you will have peace of mind that any losses or damages will be covered by your insurance provider rather than out of your back pocket. 

Insure Your Marine Business

Is your marine business covered by all of these insurance plans? If it is, then you can have peace of mind that you’re protected. If not, then we can help. 

We can help review your insurance options and help ensure your business operations and cargo are fully insured. Visit our website or contact us to request a quote.  

Credits

The Department of Infrastructure, Transport, Regional Development – https://www.infrastructure.gov.au/infrastructure-transport-vehicles/maritime

NTI Limited – 

https://www.nti.com.au/marine-protect/marine-liability-insurance

https://www.nti.com.au/marine-protect/hull-insurance

https://www.nti.com.au/marine-protect/cargo-insurance