Each business or organization is unique, even those within similar industries. This is particularly true for unions. Labor entities are distinct based on their collective members, and that’s why they stand to benefit greatly from customized union liability insurance. The following benefits exist to serve labor unions in ways that a standard liability policy can not.
1. Coverage for Collective Bargaining Risks
The major factor that sets a labor union apart from other entities is that it exists to bargain on behalf of a collective group. Risks involved in this specific process do not exist in standard professional liability insurance policies. Because collective bargaining is the core mission of a labor union, customized insurance coverage is a necessity.
2. Fair Representation
Another core mission of labor unions is to advocate for fair representation in the workplace. Coverage can be built into a customized plan to offset liabilities taken on in the course of this practice.
3. Grievance Handling
One of the largest liabilities that a labor union exists to deal with is the handling of grievances. The financial stress of grievance incidents accumulated from members of a labor entity can take a toll but is mitigated by certain insurance coverage policies.
Labor unions take on the mission of protecting the interests of their membership. To better fulfil that purpose and build faith among laborers, a customized union liability insurance plan will go a long way.