As lockdown restrictions begin to ease in the UK, Account Executive Ian Limeburner takes a look at the benefits of a Management Liability Insurance policy.
I don’t need to tell you that the UK – and the world as a whole – is in a state of far-reaching change, the likes of which has never been seen before.
As a result, every single one of us is adapting to a new way of life. The changes we make will remain in place as the world fights Covid-19 and its after-effects. Some changes will be short term but others may stick around far into the future.
As the lockdown starts to lift, the business world is beginning to address the many new challenges it faces. In particular, business leaders are having conversations about staffing, supply chains, contracts, furlough rules and much more. And that's in addition to deciding how to reopen in a safe manner, in line with government guidelines.
While the government is doing its best to support the country, it cannot address every situation in detail. As such, the guidance is broad and seemingly vague. This places a huge emphasis on individuals and businesses to interpret the guidance in a suitable manner.
How Management Liability Insurance Can Help
A Management Liability policy can offer a range of benefits in these uncertain terms. It can help your business navigate a path through this time, providing support in a number of areas, including:
Employment: The furlough scheme is complex. Your business may have to make difficult decisions about redundancies, working hours or employment contracts. Legal advice is essential in these cases.
Contractual disputes: This can take various forms. If, for example, you have long-term contracts, these may be ill-affected by the business climate created by Covid-19. It’s important to seek professional advice about how to tackle the situation if there is a negative impact.
Safe working and the HSE: As you interpret government guidance on social distancing, health and safety needs careful consideration. For one thing, the government has bolstered funding for the Health & Safety Executive (HSE). It has also made it clear that employees should “whistle blow” on any employers not deemed to be following the rules and guidance, or offering inadequate support.
The HSE, like other government bodies, can investigate these matters and take action where it deems appropriate. In these cases ‘Fees For Intervention’ (FFI) might apply. This means your business could bear the cost of the HSE’s processes.
Of course, this is not an exhaustive list. A Management Liability policy can provide support in a wide range of scenarios, including providing access to legal advice when you need it most. Several leading insurers even cover the costs for addressing the topics above, so you can make informed decisions during unsettling times.
If you would like to discuss Management Liability Insurance and its benefits, please call our team on 01603 760511.