employment practices liability insurance policies

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Employment Practices Liability Insurance Policies

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(http://optimuminsurance.com.au/ProductsServices/ProfessionalRisksInsurance/EmploymentPracticesLiabilityInsurance.aspx) - Employment Practices Liability Insurance provides cover for actions taken by employees against employers for alleged discrimination, unfair dismissal and sexual or workplace harassment.

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Page 1: Employment practices liability insurance policies

Employment Practices Liability Insurance Policies

Page 2: Employment practices liability insurance policies

Employment Practices Liability Insurance provides cover for actions taken by employees against employers for alleged discrimination, unfair dismissal and sexual or workplace harassment.

Employment Practices Liability Insurance Policies

Page 3: Employment practices liability insurance policies

The reality is that mistakes can happen even in the best run companies and employers are exposed to liabilities arising out of their responsibilities to their employees. Unfair dismissal, sexual and racial discrimination claims are becoming more common in Australia due to our increasingly litigious society.

This policy can protect your business against the significant costs and expenses that can be incurred even if you may be found not guilty of any employment practices violation.

Employment practices violation

Page 4: Employment practices liability insurance policies

To obtain a quotation, enquire online at www.optimuminsurance.com.au.

In most circumstances we are able to provide an quote over the phone. If you would like to discuss your needs further, contact us on 1300 739 861.

Policy coverage is always subject to the terms, conditions and exclusions of the insurance contract and policy wording provided by the insurer.

Each insurance company has its own policy wording. This means that coverage can vary considerably from one insurer to another. It is vital that you compare each policy based on the appropriateness of cover for your individual or business needs.

As Insurance Advisers, it is our role to understand the terms and conditions, so contact us now for advice and a quote.

Employment Practices Liability Insurance Quote

Page 6: Employment practices liability insurance policies

The following types of insurance are commonly termed "Claims Made" Contracts of insurance:

• Professional Indemnity Insurance• Directors and Officers Liability Insurance• Association / Non-Profit Liability Insurance• Management Liability Insurance• Employment Practices Liability Insurance• Fidelity Insurance

Claims Made Policies

Page 7: Employment practices liability insurance policies

"Claims Made” policies only cover claims made or "Known Circumstances" that you become aware could reasonably be expected to give rise to a claim that arise during the period of insurance. Acts or omissions may have occurred in a prior period and, as long as the act or omission, was after the retro-active date, the policy will extend to those prior acts.

It is essential to maintain continuity of insurance cover (no gaps in the period of cover) as claims made against you or circumstances of which you become aware could give rise to a claim, will not be covered if they are not disclosed within the period of insurance where they first arise. If there is any claim or potential claim or even a circumstance that could reasonably be expected to give rise to a claim, it should be reported to your insurer immediately it is known, regardless of your own view as to fault. If you know of a claim or circumstance and it is not reported within the insurance period in which it arises your insurance policy is unlikely to respond.

What is a Claims Made Contract?

Page 8: Employment practices liability insurance policies

A 'Known Circumstance' could be defined as any fact, situation or circumstance, which a reasonable person in the insured’s professional position would have thought, might result in someone making a claim against him/her. Therefore if a claim arises after the inception date of the policy from a fact, situation or circumstance that the insured knew or should have known, at the time of the commencement of the policy that might give rise to a claim, it would normally be excluded as it arose from a Known Circumstance.

What is a Known Circumstance?

Page 9: Employment practices liability insurance policies

By notifying all circumstances that might give rise to a claim, during a policy period, an insured can get the benefit of their statutory rights under Section 40(3) of the Insurance Contracts Act 1984 (the Act). Section 40(3) provides an insured with statutory rights to notify a circumstance or insured, to an insurer, during the currency of the policy.

If a claim eventuates against an insured from the notified circumstances, then the insurer cannot deny indemnity, despite the fact that the claim arose outside the period of insurance.Therefore, any fact, situation or circumstance, which a reasonable person in the insured's professional position would have thought might result in someone making a claim against them, should be notified to their current insurer.

Why is Notifying all Known Circumstances Important?

Page 10: Employment practices liability insurance policies

If you change insurers, you will need to notify your insurer of every conceivable circumstance before the expiry date of your policy. If this is not done, and if a claim was to occur in the future from a circumstance not previously notified, you may be left uninsured, with neither the previous or the current insurer accepting liability for the claim. The prior insurer may deny the claim as the insured failed to notify the circumstance or claim during the period of insurance.

Changing from One Insurer to Another

Page 11: Employment practices liability insurance policies

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Page 12: Employment practices liability insurance policies

Contact Us

Phone +61 1300 739 861 Fax +61 1300 732 225 Hours 9.00am to 5.00pm (EST)

Monday – FridayEmail [email protected]

Website www.optimuminsurance.com.au

Presentation Disclaimer –– “This material contains general information only and may not suit your

particular circumstances. To decide if a policy is right for you please carefully read the relevant Product

Disclosure Statement (PDS) and/or Policy wording. A copy of the PDS or policy wording is available by

contacting our office on 1300 739 861;”

Disclosure Statement – “Optimum Insurance Services Pty Ltd is a Corporate Authorised

Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services

Licence No 240549, ABN 15 003 886 687.”