Business Insurance Policies – Know the difference!
Insurance policies provide cover for businesses, tradespeople, professionals and more. But different types of business require different policies to protect company assets and to protect against legal liabilities.
Here’s a snapshot to help you understand the key differences between the main business insurances:
Public & Products Liability Insurance: Claims arising from your negligence which result in 3rd Party Property Damage or 3rd Party Bodily Injury.
Professional Indemnity Insurance: Claims arising from your negligent or wrongful advice, designs or specifications.
Management Liability Insurance:
- Claims made against the Company, Directors, Principals by Industry Regulators for breaches
- Employment practice liabilities (e.g. unfair, wrongful dismissal or harassment by other employees)
- Crime within the business (e.g. employee fraud)
- Tax audit investigation expenses
- Covers fines & penalties, legal & defence costs
Did you know? Management Liability Insurance is included as part of our ME Safety Essential and Pro packages. The cost of Management Liability Insurance if you purchased cover independently would be in excess of $1,500.
Don’t be exposed. Contact our team about Management Liability Insurance for more information on 1300 889 198.
Workplace Relations & the Federal Court – Could this be you?
A Master Electricians member was having issues with an apprentice who was not progressing in their apprenticeship, due to a number of reasons.
The member began the usual performance management process; issuing verbal warnings and making adjustments to their learning environment to assist the apprentice. During this process the apprentice made the employer aware of impediments and conditions that were affecting their ability to perform, which had been largely unknown to the member. The member began a consultation process and made reasonable adjustments, however those adjustments did not improve the situation and the employee’s performance was not meeting expectation.
The relationship between the apprentice and the employer soured and a general protections claim was lodged in the Federal Court. Due to the case proceeding to the Federal Court jurisdiction, the Member was able to defend themselves utilising their Management Liability Insurance provided by Comsure Insurance Brokers, as part of the Master Electricians ME Safety Essential and Pro packages. Management Liability Insurance covered the significant legal bill that was incurred by the member after paying a much smaller excess on the insurance.
Whilst the apprentice situation was distressing for the Member, it was made easier by having the insurance in place and allowed the business to survive. Without the insurance and the support of our Workplace Relations team, the member was at serious risk of losing their business.
Master Electricians provides members with access to Workplace Relations/Industrial Relations advice for no extra cost.