Saturday, 6 December 2014
Management Liability Insurance Protects you from Operational Risks
Employee claims Disgruntled employees will more often than not sue the company for anything ranging from harassment and bullying to wrongful dismissal. More than half of the Management Liability claims filed are related to employment practices. Under the Fair Work Act, there are more than 16,000 unfair dismissal claims per year processed, with the average cost of each claims in excess of $50,000. Statutory fines and penalties The most common claim under the Statutory Liability coverage involves charges of Workplace Health and Safety (WH & S) violations. Management’s duty is to ensure the workplace is safe by means of a Workers Health and Safety audit and an annual safety measures report. Brokers who offer management liability insurance in Buderim and the Sunshine Coast, like Insuring theProduct, help their clients find the policy that will promote these and ensure that all their bases are covered.