As a company director you should be aware of how many Acts expose you to personal and or corporate liabilities.
There are 13 Australian Acts that companies must comply with*, including but not limited to;
- The Corporations Act 2001
- Competition & Consumer Act 2010
- The Income Tax Assessment Act 1997
- A new Tax System (Goods and Services Tax) Act 1999
- Environmental Protection Legislation
- Privacy & Data Protection Acts
- Age Discrimination Act 2004
- Disability Discrimination Act 1992
- Human Rights & Equal Opportunity Commission Act 1986
- Racial Discrimination Act 1975
- Sex Discrimination Act 1984
- Workplace Relations Amendment Act 2008
- Workplace Relations Act 1996 and Workplace Relations Regulations 2006
*Source: It May Happen To Me! The Essential Guide to General Insurance – Dr Allan Manning
Could your business afford to defend personal and or corporate liabilities should you unintentionally breach one or several of the above Acts?
There is a solution: Management Liability Insurance.
Management Liability Insurance is designed to provide a company and its directors and officers, protection against the risks of managing a business.
If you own or are involved in the management of a company, you carry specific responsibilities. You may be held personally liable for any alleged or actual wrong doing as a director, officer or owner of a company.
Broadly speaking, Management Liability Insurance includes the following policy sections:
- Directors and Officers Liability
- Company Reimbursement
- Employment Practices Liability – Insured Organisation
- Superannuation Trustee Liability
- Insured Organisation Liability
- Employee Crime
- Statutory Liability
- Tax Audit Expenses
If you would like to speaker to broker about Management Liability please contact our team of commercial insurance specialists on 1300 424 627.
This insight article is not intended to be personal advice and you should not rely on it as a substitute for any form of personal advice. Please contact Whitbread Associates Pty Ltd ABN 69 005 490 228 Licence Number: 229092 trading as Whitbread Insurance Brokers for further information or refer to our website.
