If you employ staff, then you need  Management Liability Insurance.

With greater corporate governance and regulatory surveillance in place today, company directors and officers are under increased pressure to carry out their duties and obligations meticulously. Failure to do so may lead to personal liability for the individual director or for the entire board of directors, regardless of whether they are acting in a part-time, honorary or non-executive capacity.

Traditionally, directors  & officers policies have been written only to protect the personal interests and assets of individual directors and officers.

Management Liability Insurance Policy is intended to provide protection not only for the assets of the individual directors and officers but cover is also extended to the company for defined exposures. This is done by firstly broadening Professional Risks with traditional D&O coverage and then incorporating it with a number of other insurance covers under the one policy.

Policy coverage includes:

D & O Covers individuals for their personal liability for any decisions they make in their capacity as a director or trustee. It covers the costs of defending a claim against directors, officers or employees. It includes any awards or settlements but does not include criminal fines or penalties. Individuals are also covered for the costs of legal representation at any official investigation such as a health & safety, environmental or trading standards investigation.

EPL Covers employers for employment claims including wrongful dismissal, discrimination and harassment from employees or third parties. It covers the costs of defending claims made against the company/organisation or their directors/trustees, officers or employees, and also includes any awards made as well as agreed settlements.

Company legal liability/corporate entity This covers an organisation for claims from their shareholders, investors, regulators and other third parties against the company/organisation. It includes any awards made but does not include fines or penalties. The organisation is also covered for the cost of legal representation at any official investigation such as a disciplinary hearing, health & safety, or environmental or trading standards investigation. Company legal liability also includes cover for employee dishonesty.