ML is a policy that packages a few different covers together which all relate to the management of your business. It usually includes:
Director and officers liability, which covers your personal liability which comes out of management of the business.
Employment Practices Liability, which covers your liability from employment of your staff,
Tax Audit, which covers your liability for accountant’s fees to an audit by the tax office.
Statutory fines and penalties
Costs associated with investigations by regulators
Damages and awards against you, together with legal defense costs
Liability for claims by employees for wrongful dismissal, bullying or harassment
Accountants’ fees for tax audits 
Losses arising out of property damage or personal injury
Fraud or deliberately unlawful acts by you
Claims from insolvency of your company
Claims or circumstances that you knew about before you accepted the policy Running a business unfortunately requires you to worry about more than just your services to your customers.
You also have a range of other things related to the business to keep on top of, things like making sure you meet all your statutory obligations, that your employment practices are fair, and your financial reporting and tax liability, to name just a few.
Even worse, you can be personally liable for breach of these obligations and they are changing all the time.
D&O insurance covers the managers of the company for their personal liability arising out of their management of the company. It can also in some instances cover the liability of the company itself.
Damages and settlements, together with legal costs incurred against directors and officers for liability arising out of company management
Costs associated with investigations brought by regulators
Statutory fines and penalties
Spousal liability 
Loss arising out or property damage or personal injury
Fraud or deliberately unlawful acts
Employment disputes
Claims from insolvency of the company
Claims or circumstances that you knew about before you incepted the policy The decision to buy D&O insurance is in many ways the easiest one to make of all insurance purchases for your business. Your other policies typically cover your company’s losses and liabilities, whereas D&O is a cover that applies to your personal ones. You can be personally liable for your actions as a manager of a company, and that liability can extend beyond the company’s assets to your own. That’s what a D&O policy is basically designed to protect – your personal assets.
EPL covers the company and individual managers for claims related to a breach of employment practices laws, such as wrongful dismissal, discrimination, bullying or harassment.
Employment Practices Liability claims example
An employee is dismissed after sending a stream of offensive emails to colleagues about one of his senior managers. However the employer failed to follow proper process in dismissing the employee and the case was settled for $50,000.
Wrongful dismissal, discharge or termination of employment
Wrongful failure to employ or promote
Wrongful deprivation of career opportunity
Misleading representation or advertising in respect of employment
Wrongful disciplinary action
Negligent employee evaluation
Wrongful demotion
Breach of employment contract
Sexual or workplace harassment (including having a workplace environment conducive to such harassment)
Wrongful discrimination
Loss arising out or property damage or personal injury
Breaches of your duty of professional services (these are covered under a Professional Indemnity policy)
Fraud or deliberately unlawful acts
Employment benefits If your business is subjected to an audit by tax authorities the policy will help cover the cost of professional fees and other expenses for that audit. A tax audit can be a stressful event for a small business; and therefore a Tax Audit policy provides peace of mind and enables you to focus on managing and building your business.
Covers the costs associated with a tax audit, in particular accountants’ fees. Tax Audit claims example:
A small business owner failed to deal correctly with sub-contractors’ superannuation entitlements, this triggered an audit from the ATO with $20,000 in costs.
Professional fees of accountants, lawyers and others
Expenses of actuaries and valuers
Investigations regarding returns which were not prepared by an accountant or other tax professional
Fines or penalties imposed on you If your business is subjected to an audit by tax authorities the policy will help cover the cost of professional fees and other expenses for that audit. A tax audit can be a stressful event for a small business; and therefore a Tax Audit policy provides peace of mind and enables you to focus on managing and building your business.
