Proposal to transfer CGU insurance licence
October 28, 2016
Traditionally Directors & Officers Liability products have been considered essential for larger corporate companies. However in recent years, due to increases in regulation (Work Health Safety legislation etc) and a more litigious society generally, the need for SME’s to have a version of the traditional Directors & Officers Liability product, Management Liability insurance, has become increasingly important. In many ways, it can often be more important for an SME to have the cover, as without management liability insurance in place, smaller businesses often don’t have deep enough pockets to stay viable following a hefty fine and/or expensive legal fees.
Managing business risks is critical to the overall performance of a business. Most businesses insure the tangible exposures of property damage and bodily injury but neglect to insure against economic loss. Any business can experience unwelcome surprises that could potentially threaten their financial position leaving their managers and owners exposed to personal liability and the business under threat.
CGU’s Business Protection Management Liability policy provides cover to protect individuals (directors and officers) and the business from the many exposures relating to the management of a business. Anyone who owns or is involved in the management of a business carries specific responsibilities which may leave them personally liable for any alleged or actual wrong doing.
Quote and bind on CGU Connect soon
We are currently testing a new online quote and bind functionality within CGU Connect for Management Liability and plan to rollout a two staged release at the end of November and early December. This will make doing business with us easier for you and complement our existing Professional Indemnity offer already on CGU Connect.
In the mean time if you are interested in receiving a quote click here to download the Management Liability proposal form. Once complete please email to firstname.lastname@example.org and one of our specialist Professional Risks underwriters will be in touch.
For more information about CGU’s Management Liability insurance please contact your Business Relationship Manager or call 1800 128 376 and select '2' for Business Protection Management Liability.