If you're a business owner, there are so many things that can go wrong. Good management involves having the foresight to know what these things could be and taking steps to avoid, minimise or mitigate against them.
Your business can be exposed to potential liabilities and associated costs which could arise as a result of possible actions from what we term "mismanagement". Here we'd like to share with you what insurance safeguards are available in order to support you during any such occurrence. That's where Management Liability insurance comes in.
In part one of this series, we explained what Management Liability insurance is and why you would need it for issues around unfair dismissal, wrongful dismissal and harassment and discrimination in the workplace. Here’s we’re going to talk about why you may need Management Liability insurance for occupational health and safety issues.
Occupational Health and Safety & Management Liability
The most common injuries that occur in Australian workplaces are:
- body stressing (overexertion)
- tripping or slipping
- being struck by objects
Other causes of workplace injuries include sharp objects, bacterial, chemical and electrical hazards, excessive noise and exposure to UV radiation.
While employees have an obligation to observe occupational health and safety (OHS) procedures and report any potential hazards, the responsibility is also on employers to create and maintain a safe working environment for their staff.
If an employee suffers a serious injury in the workplace, it is standard practice for there to be an investigation into incident. Depending on the outcome of this investigation, it may lead to a potential prosecution by the relevant state authority.
For this, and the other examples discussed above, the right type of management liability insurance may may provide cover for legal defence costs, OHS investigations and potential prosecutions that may be involved with an employee injuring themselves in the workplace.
To find out more about Management Liability insurance and how it can help your business, call us today on 1300 305 834 and ask to speak to one of our brokers.
Our advice is general in nature. To read the full General Advice Warning click here