Management Consulting
Aon
Full Credential Description
The case study highlights the challenges faced by organizations in Australia due to the evolving Work Health & Safety (WHS) legislation, which has introduced stricter regulations and significantly increased penalties for non-compliance. This regulatory environment has created greater risk exposure for companies that fail to meet the new requirements, particularly as existing Directors' & Officers' (D&O) and Statutory Liability Insurance policies do not cover these new insurable exposures. In response to these niche issues, Aon developed a tailored WHS Liability Insurance product specifically designed to address the unique risks associated with the WHS legislation. This innovative policy is triggered by notifiable incidents, including actions by a Workplace Safety Authority or fatalities, and provides coverage for legal and related costs from the moment such incidents occur. Unlike traditional D&O policies, Aon's WHS Liability Insurance extends coverage to the company and its employees, with optional extensions for contractors and on-hire labor staff. Additionally, the policy includes coverage for insurable fines and penalties, which have escalated under the new legislation, and offers the option for a WHS due diligence assessment to help mitigate risk exposure. The implementation of Aon's WHS Liability Insurance has provided organizations with a comprehensive safety net against the heightened risks posed by the WHS legislation, ensuring they are better protected against potential legal and financial repercussions.