At a time when cash flow and working capital is tight for many businesses, particularly in the mining, construction, engineering and manufacturing sectors, both the Queensland Department of Environment and Heritage Protection’s (DEHP) and Workplace Health and Safety Queensland (WHSQ) have maintained and in fact ramped up their focus on regulatory enforcement prosecutions.
DEHP have increased their prosecutions 500% in the past five years and leading up to and since 2012 when national harmonisation legislation was passed, there have been 152 prosecutions and 51 enforceable undertakings in lieu of prosecutions by WHSQ.
Focussing on quality and risk management is the best way to mitigate workplace breaches, but unexpected situations do happen. This is why McCullough Robertson in conjunction with Allegiant IRS have developed a first response insurance policy, Statutory Liability Insurance Plus ++, which is essentially ‘better cover sooner’. The policy is underwritten by Berkshire Hathaway Specialty Insurance.
Cameron Dean, Employment Relations and Safety Partner at national leading independent law firm, McCullough Robertson says, ‘When a serious injury, fatality or a significant environmental event occurs in your business, things start to move from day one.’
‘It is likely you will need to engage external experts to investigate and assist in assessing the incident, possibly psychological counselling for witnesses to the event may be required, legal advisors will need to discern the ramifications and obligations of your company, its directors and employees as well as minimising reputational fall out.
‘If your statutory liability insurance cover starts when the breach notice is issued (that could be up to 18-24 months post the event), it could mean you will be out of pocket for most of these expenses under the more traditional cover.’
Statutory Liability Insurance Plus ++ is redefining existing entry points of cover by offering a first response insurance policy. Organisations need to consider if they can afford not to have it?
For more information contact Adam Battista 0407 113 100 or Brad Russell 0412 806 187 / www.allegiantirs.com.au
About Allegiant IRS
Allegiant IRS was established to offer clients a specialised insurance advisory service, providing high quality insurance solutions in conjunction with our strategic legal partner, McCullough Robertson.
About Berkshire Hathaway Specialty Insurance
Berkshire Hathaway Specialty Insurance Company (ABN 84 600 643 034, AFS Licence 466713), is authorised by the Australian Prudential Regulation Authority to carry on general insurance business in Australia, and holds a financial strength rating of A++ from AM Best and AA+ from Standard & Poor's.