AFTA@Work Newsletter Article - Thursday 30 October
Running any business these days means you face an ever increasing number of potential exposures. Legislation is constantly changing and the responsibilities associated with managing a business and employing staff are vast and numerous.
On top of all of this, massive changes in technology are occurring daily at lightning speed. While new technology can provide great benefits in operating and promoting your business, there are also new risks to be managed.
In running a business, when a breach of company law or regulation is alleged, the focus is on your conduct as a manager and as a company.
You may believe the alleged claim is completely false, but it will still cost you time and money to defend it successfully. Claims can come from competitors, creditors, regulators, employees, customers and unfortunately in some cases, liquidators.
The importance of having correct written procedures in place, including Occupational Health and Safety Manuals, Staff Procedures Manuals and policies in place for Social Media etc. cannot be overstated.
The economic exposure of the management risk often remains uninsured in comparison to the standard type of business insurance. Management Liability Insurance policies have been specifically designed for private companies combining several insurance policies into one to provide a broad range of cover. Should your business be a partnership or sole trader, there are other alternatives available for this type of cover.
Management Liability insurance can provide you with the extensive coverage that you require to protect you and your business. Some of the areas included are:-
In addition, some Management Liability Policies will now allow you to pay an extra premium to add Internet Liability to the policy or alternatively individual Cyber policies specially designed for your business can be taken out.
There are many different types of protection afforded under the various Insurer’s offerings and it is always best to discuss with your Insurance Broker the types of cover that are most suitable for your business (and your budget!)
Gow-Gates has negotiated a special “lite” version of this policy to give you more options around putting in place this protection as a start, so call us to discuss the options for your business.
If you believe that this issue is relevant to your business, please feel free to contact Rebecca Fleming, Account Manager of our Travel Industry Division at Gow-Gates Insurance Brokers on (02) 8267 9919 or firstname.lastname@example.org to discuss your circumstances or to obtain a quotation.
Gow-Gates Insurance Brokers advises that persons should not act on the material contained in this article as the items are of a general nature only and may be misinterpreted. We therefore recommend that advice be sought before acting in these areas.