Management liability insurance is designed to protect businesses and their key managers against an array of legal liabilities, typically paying out for legal fees and settlement costs in the event of a lawsuit. It comprises corporate legal liability to cover companies against legal and criminal claims, directors’ and officers’ liability (D&O) to insure the personal assets of those in leadership roles, as well as employment practice liability, for cover against employment-related claims. Combined, these features make up a comprehensive liability policy that ensures companies can continue to trade following unexpected legal action.
The scope of a management liability insurance product is far-reaching, which is what makes it one of the more complex insurance products on the market. Before you search for a policy, seek advice from a professional insurance consultant to determine the level of cover you need. Once you’re ready to find an insurer, gather as many quotes as you can to find the best deal. This list comprises some insurance providers on the market offering management liability insurance.
Finding a Provider
Many commercial insurance providers offer a management liability insurance policy, comprising D&O cover, corporate liability and employment practice liability. Speaking to a professional adviser can help you determine your level of risk as a company, as well as the level of risk to your officers and directors. Using this information, they can advise you on an appropriate limit of indemnity. Establishing these factors can help you find a provider that offers the right level of cover for your business.
- Approaching insurers directly – Typically, you can find policy information, including cover limits and features offered by a provider on their website, where you can generate a quote online or over the phone. Many insurance providers have specialist advisers who can answer queries about features of their cover and recommend products suitable to your business. Bear in mind that you cannot compare all insurers on a like-for-like basis, as some providers may have cheaper premiums but offer a lower level of cover.
- Using a broker – Management liability insurance is one of the more complicated insurance products on the market. As such, many insurance providers only offer these types of policy through experienced brokers, who can match the coverage needs of their clients with an appropriate policy. Brokers have the relevant industry knowledge to understand the risks facing varying types of business, allowing them to offer a policy which accommodates for these. Brokers have access to a more substantial portion of the market than direct customers, as well as exclusive prices.
- Comparison websites – The best way to find the optimal deal for any insurance product is by comparing lots of quotes and policies from multiple providers. An efficient way to do this is by using a comparison website, which can generate quotes from numerous insurers and compile them in an easy-to-navigate list. You can filter your search results to find providers offering specific features of cover or order the results by price.
Management Liability Insurance Providers
AXA
One of the largest commercial insurance providers is AXA, who offer a comprehensive management liability insurance policy. Key features are directors’ and officers’ liability, corporate legal liability and employment practice liability. On top of these, they also provide cover for pension claims, employee dishonesty and contract disputes as standard. Cover limits include up to £25,000 for contract disputes and debt recovery, £25,000 for negative social media and a crisis PR response and a non-indemnifiable additional limit for directors. Benefits to their policy include lifetime run-off cover for retired directors and officers as well as D&O cover worldwide, including the USA.
Macbeth
For an all-encompassing policy, companies can consider Macbeth, a family-run firm with an excellent rating based on a high level of customer service and a personal approach. They work with businesses to ascertain their level of risk and build a policy which provides a suitable level of liability protection. This insurer can offer cyber risk and crime activity as optional extras to their standard policy featuring the three key areas of risk; D&O cover, corporate liability cover and employment practice liability. You can submit a request for a consultation on their website.
Marsh Commercial
Marsh are able to offer a flexible management liability insurance policy. Not only can it adapt and grow to respond to changes in your company, such as growth and acquisition, but the scope of the policy also moulds to changing and newly emerging laws. Their comprehensive package includes D&O cover, employment practice liability and corporate legal liability, alongside optional add-ons such as pension trustee liability, private equity-owned portfolio companies and securities insurance. You can find contact details for your local office on their website, where you can get in touch over the phone for advice.
Superscript
Founded in 2015, Superscript (formerly Digital Risks) specialise in insuring digital businesses. They have received several awards in 2020 alone, as finalists in the British Insurance Awards, the Insurance Choice Awards and the UK Brokers Award. A management liability insurance policy from Superscript breaks away from the traditional management liability model, including directors’ and officers’ liability insurance, employment practices liability and theft cover. Their theft cover can cover instances of theft of money, data or intellectual property by an employee or malware attacks by a third party. Their protection is designed for startups and high-growth businesses, offering around the world cover. You can generate a quote online.
Markel UK
Boasting a five-star rating in the Insurance Times report 2019/20, Markel offers a wide-reaching policy called management risks combined, providing comprehensive protection for private limited companies and limited liability partnerships. It comprises D&O liability cover, entity defence and employment law protection, with additional benefits such as a PR crisis management service, on hand to mitigate any negative media attention following an incident.
Markel also offers employment law advice in the shape of employer guides and a helpline, to prevent issues before they occur. They also pride themselves on an efficient and straightforward claims settlement to avoid cash flow disruption. Their management liability products are only available through a broker.
Anchorman Insurance
Established in 1998, Anchorman Insurance provides various insurance solutions for a diverse array of businesses. Their small team can work with you to provide a suitable level of indemnity, covering directors’ and officers’ liability, corporate entity liability and employment protection liability. They offer competitive premiums, either through their trusted partner insurers or their exclusive in-house scheme. To receive a quote or seek professional advice on an appropriate policy, you can call them directly or book a consultation online.
Swinton Business
On top of personal liability for directors, employment practice insurance and corporate liability, Swinton Business can combine additional products in an all-encompassing Management Liability Package. Optional add-ons include business equipment insurance and commercial legal protection, and insurance is available for a range of companies, from sole traders to large corporations. Policyholders will have access to a dedicated claims helpline throughout their policy. You can receive a quote by calling their dedicated commercial insurance team.
Rowlands & Hames Insurance (Broker)
Founded in 1925, Rowlands & Hames specialise in quality commercial insurance. They can put together a bespoke policy, tailored to each company’s level of risk. Aspects which can be included in a policy include directors’ and officers’ liability insurance, employment practices liability, fidelity and crime to protect against employee theft or fraud, cyber and internet liability and pension trustee liability. They also offer specialist management liability policies for charities and residential property management companies. You can submit an enquiry through their website, email or over the phone to arrange a quote.
Aviva
Suitable for a wide range of business types, including not-for-profits, private companies and public entities, Aviva can offer management liability insurance to companies operating in a wide range of industries. Their cover comprises employment practice liability, D&O cover and corporate legal liability, for startups and FTSE 100 companies alike. Policyholders benefit from advice and support from a dedicated claims handler, one of a UK-based team of experts.
Perks of a policy with Aviva includes a legal assistance service helpline as well as standalone limits of indemnity for each feature of cover. Finally, Aviva also offers a crisis event management service to provide assistance following an incident which could affect brand reputation. Aviva’s management liability products are available exclusively through a broker.
Sompo International
Companies spanning a wide range of sectors can find a comprehensive management liability insurance policy through Sompo International. They can offer cover for companies of varying types, from startups to international corporations. As part of a management liability portfolio, Sompo International can include directors’ and officers’ liability, employment practices liability, pension trustee liability and commercial crime. They offer a substantial indemnity limit of £15 million across all of their products. Policyholders have access to a dedicated claims team, with expertise on a variety of international markets. Their policies are available through intermediaries and brokers.
CNA Hardy
CNA Hardy champion commitment to customers, offering innovative insurance solutions and excellent customer service. A management liability policy from CNA Hardy can protect public companies, private institutions and non-profit organisations from a range of risks. Their product portfolio provides directors’ and officers’ liability, employment practices liability, crime, pension trustee liability and public offering of securities insurance. Their global presence means they’re able to insure clients against worldwide claims. Contact details for their specialist underwriters are available on their website, who you can contact directly for a bespoke quote.
Starr Insurance
A wide range of business types can access tailored management liability insurance through Starr Insurance, including financial institutions, public entities, private organisations and not-for-profits. Their management liability insurance can include directors’ and officers’ liability, employment practice liability and crime and fidelity. Their international presence enables them to offer coverage in a wide range of locations around the world. Their products are only available through intermediaries and brokers.
Pen Underwriting
One of the more extensive management liability policies on the market is the product available through Pen Underwriting, which includes four types of cover as standard. These are directors’ and officers’ liability insurance, corporate liability cover, employee practice insurance as well as up to £2 million of fidelity cover, to protect businesses against acts of fraud committed by employees. Pen Underwriting can tailor a policy to include a variety of extensions for no extra cost, and offer expert advice to build a customised policy suitable for your company’s risk profile. You can speak with one of their expert advisers over the phone.
Blackfriars Insurance Brokers (Broker)
Blackfriars Insurance can offer an all-encompassing management liability insurance policy, covering three key areas of cover under one contract: D&O liability, employment practices and corporate legal liability. They offer competitive services and rates for their line of commercial insurance products, suitable for businesses of all sizes spanning multiple sectors. They work with leading underwriters in the UK to offer their management liability insurance, which you can apply for online by providing some basic information. Alternatively, you can call them directly for specialist advice from an expert broker.
