Underwriting agency Pacific Indemnity has launched a management liability cover backed by Axa XL.

The product is aimed at Australian SMEs and mid-market commercial and financial risks, and has been developed following feedback from brokers.

Pacific Indemnity says the product addresses “growing exposures often overlooked in traditional SME policies, including cyber-triggered claims, social engineering fraud and regulatory investigations.

“The offering is positioned as a response to evolving regulatory, cyber and governance risks facing company directors and businesses.”

Product features include advanced payment of defence costs within 30 days and cover for self-reports and enforceable undertaking expenses.

“Australian brokers are demanding more than just capacity in management liability – they want certainty, responsiveness and wording that actually addresses the risks SMEs are facing today,” Pacific Indemnity directors and officers practice manager Adam Suplina said.

“This policy is structured to respond early – not just when litigation hits.”

Axa XL Australia head of financial lines Ewen McKay said: “We are confident this partnership will be a key component of [our] strategy to increase our footprint in the Australian financial lines market.”