10 August 2011

Canberra gets Management Liability Insurance

| johnboy
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New backbench MLA Chris Bourke has popped up to help Chris Peters from the Chamber of Commerce launch a new business insurance product:

“The main purpose of the new insurance class is to simplify business insurance and ensure business has access to insurance that covers business against risk where traditional products may fail.

“Businesses are usually familiar with traditional insurance products including product liability insurance and Director & Officer insurance but the Management Liability Insurance is a hybrid insurance product.

“It incorporates both classes of insurance and plugs the gaps that have emerged in those older insurance types.”

Some of the issues that employers and business owners seek advice on include issues relating to dismissal of staff, injuries in the work place and harassment. Dr Bourke said that early appropriate involvement of expert advice in these matters, rather than the employer trying to ‘go it alone’, may see faster and better outcomes for workers.

“Those responsible for negotiating insurance coverage in this sector should seriously consider the advantages offered by Management Liability Insurance.

A Chamber of Commerce flogging insurance products is one thing, but getting an MLA to sell it is unusual.

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Another impost on business. The Chamber of Commerce should be acting on behalf of its members in opposing this nonsense. If it gets traction it will be inserted as a condition of all government procurement and tendering – you can bet on it. I would like to hear Peters and “Dr” Bourke elaborate on how this is going to improve productivity and profit. Also, which company is underwriting it and how much front-end load is there and who gets it. Sounds more like a Nigerian scam than something to “simplify business”

bitzermaloney1:44 pm 10 Aug 11

How about Politician Liability (or inability) insurance?

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