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
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.
Without 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.