An underwriter has unveiled a new product aimed at plugging a host of gaps many medium and large business have in their management liability cover.
DUAL Australia’s Bridge the Gap product was prompted by a broker survey that found many businesses were not insuring crime, statutory liability, employment practices liability and tax audit exposures under their policies.
Jaydon Burke-Douglas, Specialty Risks Practice Leader at DUAL, says there is no hiding from the figures.
“The landscape has evolved significantly in the last five years with companies facing ever-increasing compliance and regulatory burdens and complex stakeholder management frameworks,” he says.
“The numbers speak for themselves with the Australian Taxation Office conducting 37,000 tax audits annually, 5,000 laws in Australia that can incur a fine or penalty, 700 of which can find a Director personally liable, and the Fair Work Commission processed 17,000 unfair dismissal claims in 2013.”
CEO Asia Pacific Damien Coates says the product is a simple solution for ticking all the boxes for insuring your business.
“Mid to large companies have significant balance sheet exposures where they’re not adequately insured and we wanted to simplify the delivery for these critical insurance products,” Coates says.