Directors and Officers Liability
Contact Baynyi Ausure for your Directors and Officers Liability needs.
What is director’s & officers’ Liability insurance?
Running your own show can be exciting and rewarding, personally and financially, but it’s not without its risks. There’s lots that can go wrong and if it does the buck usually stops with you and your fellow owners and directors – figuratively and literally.
Should a supplier, customer or employee decide to take legal action against you personally, you could find yourself in for a protracted, stressful and expensive battle to protect your personal assets and the security you’ve worked hard to build..
Directors’ and officers’ (D&O) insurance, known as management liability insurance in the context of small and medium-sized businesses, is recommended by small business specialists and advisers who’ve seen small business owners struggle to recover from litigation they’ve failed to prepare for financially.
And it’s not just directors of commercial enterprises that can end up in hot water – directors of not-for-profit organisations may find themselves similarly exposed, should something go wrong.
What can it cover?
A D&O policy can cover you for liabilities and legal costs associated with defending claims against you made by third parties, for allegedly wrongful acts you’ve committed in your capacity as a director or officer.
Available from most major insurers, management liability cover can provide protection for executive directors, non-executive directors, company secretaries and other members of your senior management team for acts they perform, or fail to perform, while working in those roles.
If, for example, a manager responsible for workplace health and safety is alleged to have failed to mitigate risks adequately and an employee who’s incurred an injury decides to sue them, the D&O insurer may cover defence costs and damages.
What usually isn't covered?
What D&O insurance won’t cover are the costs associated with any act, omission or issue that arose before your current policy was taken out and which you knew, or should have known, was likely to trigger a claim.
Other typical exclusions include fraud, illegal and personal profits and gains, fines and penalties that can’t legally be insured against.
These policies do not cover your own fraud, but they may cover you for loss suffered as a result of fraudulent acts by some other person.
INDUSTRIES WE SERVE
- Indigenous Corporations and Enterprises
- Local and State Government
- Construction & Infrastructure
- Health, Community, and Disability Services
- Education & Childcare
- Licensed Clubs & Sporting Organisations
- Agriculture & Land Councils
- Not-for-Profit and Social Enterprises
- Transport and Logistics
- Mining and Resources
- Manufacturing
- Professional Services
- Hospitality
- Real Estate and Property Development
- And many more
Speak to us about your Directors and Officers Liability Needs:
Contact Baynyi Ausure
Our Insurer Partners
Let us do all the hard work for you! We compare policies from multiple insurers to ensure you have the right policy, the right price and most importantly – the right coverage.
Let Baynyi Ausure help you with your Directors and Officers Liability Insurance needs.
Baynyi Ausure specialises in delivering tailored insurance and risk solutions for indigenous and non-indigenous businesses across a diverse range of sectors. . We are part of Australasia’s largest general insurance broker network, the Steadfast Group. We leverage Steadfast’s scale to ensure our clients have access to a wide range of insurance companies, a broad range of products, exclusive policy options, and of course, competitive pricing. And when the time comes and you need to make a claim, you will have the backing of Steadfast behind you.
