Mediation: an alternative form of dispute resolution

If you're a small business owner and you find yourself in a dispute with another company or the government, one way you can try to resolve the problem is through mediation.

Mediation is a form of alternative conflict resolution and involves employing an unbiased third party to help those in the dispute to negotiate some form of settlement.

It is a cost-effective method of resolving disputes, and often results in "creative win-win outcomes for the parties involved, allowing them to continue a commercial relationship on good terms", states Victorian Small Business commissioner Geoff Browne.

The Office of the Victorian Small Business Commissioner was set up ten years ago and "has saved many thousands of local businesses the considerable financial and emotional cost of litigation by assisting them to resolve disputes, either prior to mediation or at mediation".

This is according to Victoria's innovation, services and small business minister Louise Asher.

She said 80 per cent of matters that were brought to the attention of the commissioner were settled "to the satisfaction of the interested parties" during mediation.

It is also estimated that around one-quarter of business disputes could be settled by means of early intervention and the implementation of a mediator.

Here at Elder's Insurance, we agree that trying to resolve disputes before they land you and your business in court is ideal; however, we know that this is not always possible.

We can provide you with a variety of business insurance options that can protect you, your physical assets and even cover you for loss of productivity.

For instance, organising a business liability insurance plan with us will help you and your business to evade serious financial risk if and when it is found that you or your products are liable for injuring a third party.

Contact us today for expert insurance advice or to request a quote.