Management Liability for Not-for-Profit Organisations
Australia has about 60,000 registered not-for-profit organisations, according to the Australian Charities and Not-for-Profits Commission (ACNC).
The past three years have been a whirlwind for hospitality businesses. While the pandemic seems to be on the wane, your business should still do everything reasonably practicable to reduce the risks of COVID-19’s spread, like keeping up to date on employers’ responsibilities via this Safe Work Australia website.
Other, more inherent risks remain, though. A global report examining risks in the sector found that less than three in 10 businesses surveyed felt the root causes of their risks were somewhat or completely under their control. Yet, just a quarter of business owners had the data or knowledge to tackle their risks.
Whether you own a restaurant, pub, bar, nightclub, café, coffee shop, hotel or resort, four insurance policies help protect your business against the many risks.
Public & products liability insurance offers your business protection against negligence claims from third parties. That comprises members of the public, patrons, visitors and contractors, etc., to your workplace. It does not include you or your staff.
This policy – also known as combined liability cover – can help with the following:
The types of risks that could trigger this cover include:
Even if the third party can’t prove your company’s negligence, you’ll still be out of pocket for defending the claim. That’s where public & products liability insurance is needed to protect you and your staff against claims of negligence, even if it’s accidental.
Your business must have workers’ compensation insurance whether your workers are unpaid trainees, apprentices, part-time, or casual or permanent full-timers.
It means financial compensation is available for staff injured at work or who become ill due to their work. That’s whether you, as the employer, were at fault or not. Compensation covers their wages, medical expenses and rehabilitation while they’re not fit for work, according to the Fair Work Ombudsman.
Work health and safety laws differ in each state and territory, so find your relevant authority via this official site.
Unexpected interruptions to your operations can hit your company’s bottom line and threaten your survival. One insurer survey found a quarter of small businesses said they would close if they couldn’t operate for three months.
You can manage this risk with business interruption insurance. Here’s how it can cover you:
There is a wide range of insurance policies available. While they may look similar on the surface, delve into the fine print, and you’ll find quite a few differences. We can familiarise you with options customised for your unique business to support its resilience
Article supplied by OneAffiniti
Photo by Daren Zigi on Unsplash