Employment disputes can cost a business substantially, whether that be compensation that they may have to make, or the costs just to defend.
Whether you think that you have a right to dismiss an employee or not, the fact is that if you do it wrong then you could very well end up in a tribunal. But it’s not just about where you get to in the process, the financial as well as non-financial costs can be crippling to any business.
Many can be avoided by having the correct procedures in place to deal with problems fairly before they get as far as a tribunal.
Legally, your employees must have written statements of
- disciplinary procedures
- grievance procedures
Failure to carry out the correct procedure at any stage can result in increased fines.
Whilst there are many associations, you may already be a member of that will provide legal advice, you need to understand exactly what you are getting.
By taking out Employment Practices liability insurance will you benefit from ongoing advice and should it get to far in then you will be defended in court by a professional.
Before you think Employment Practices liability will cost the earth, think how much a specialist employment law solicitor is going to cost you per hour?
You may already have Employment protection under a Commercial Legal Expenses policy, there are differences, the main one being the Prospect of Success Clause, effectively what this means is that if there is little prospect or usually less than a 50% chance of a successful outcome, the insurer will reserve their right not to defend – this generally does not apply under many Directors & Officers Insurers we deal with.
What does Emploment Practices Liability cover?
- Employment Disputes
- Compensation Awards
- TUPE Protection
- Conditional Helpline – direct line to qualified persons
- Legal Defence
Can I buy Employment Practices Liability insurance on its own?
Whilst Employment Practices Liability Insurance may be available in isolation we will only provide this product as a much wider policy. Whilst Employment Practices Liability is only part of an overall Management Risks Insurance policy, its usually accompanied by Directors & Officers Liability as the main insurance, with Entity Defense Insurance as a natural extension.
Want to know more about how Employment Practices Liability can protect your business?
Call us NOW to discuss how we can review your requirements – 01623 889 530