Finding people for your transport business is an exciting prospect as you expand. With the idea of hiring a third-party headhunter becoming more expensive, building your own team to oversee the process may be the best route to go. While this can save you a lot of money and make the hiring process more tailored to the needs of the company, the risks can also be quite heady. So what to do to prevent getting your thriving business in legal turmoil? Get a foolproof transport companies employment practices liability insurance.
Understanding Transport EPL Insurance
Many transport bigwigs have employment practices liability (EPL) insurance in place as an extra padding of protection for their business. With something as fast-paced as the transport industry, so does the risks can be quite high in the following aspects– discrimination, harassment, wrongful suspension or termination, retaliation, invasion of privacy, career advancement deprivation, negligent assessment/evaluation, and other claims usually aligned to employer-employee relations.
This is even more so with Australia’s growing number of migrant workers in the past 3 years or so. With more varied personalities joining the workplace, your management’s responsibility to prevent and be ready for any legal impediments which can arise from employment claims. But unlike large transport corporations, your growing business may not have its own legal department just yet. With this, the need to have a foolproof liability insurance covering loss from such situations will be a wise decision to make.
Is Your Business Covered?
EPL insurance has continually been regarded as a worthy policy to add in a business protection portfolio. Regardless of the size of your transport company, there may come a time for employer-employee relations to go down South. It may be due to negligence on the part of your business or it may just be your bad luck to hire someone who fiddles with the law. The idea is to always have needed level of protection (coverage) which can address any losses incurred while you go around finding any legal means possible to preserve business credibility.
Coverage of Australian transport company’s employment practices liability insurance, however, vary from one business to another. Factors affecting your policy can be varied, including but not limited to number of employees, turnover issues, standard rules and regulations as well as risk management employed, and track record of management in terms of employee relations. Keep in mind though that coverage for this type of insurance is anchored on a “claims-made” basis. So always have your policy review updated.
It leaves no doubt that EPL insurance can cover certain vulnerabilities of the business. To prevent such issues from happening, it is always essential to mitigate risks long before your company becomes susceptible to them. Creating a detailed employee handbook, stipulating clear job description, pre-employment background checks, timely performance review, and establishing zero tolerance policy will help address such vulnerabilities of the business. Need help finding affordable transport companies employment practices liability insurance? Call our hotline or send us a request for an online quote now.