Professional Indemnity
Mistakes happen! Unfortunately, these can lead to claims against you from dissatisfied clients. That's why Professionals need to cover themselves with a comprehensive Professional Indemnity policy.
What does it cover?
Compensation payable to a 3rd party as a result of the following:
Professional negligence
Libel & Slander
Loss of Documents
Trade Practices Act breaches
Disciplinary Proceedings & Enquiry Costs
Costs & Expenses
Who needs it?
Anyone involved with providing professional services including:
Accountants
Management Consultants
IT Consultants
Estate Agents
Architects
Management Liability
As a Business Owner, you may be personally liable to pay for Damages, Fines or Penalties resulting from actual or alleged breaches of the Corporations Act
Management Liability Insurance can protect your business and personal assets (such as your home), from being sold to cover the cost of paying claims.
What does it cover?
A comprehensive Management Liability policy will cover the following:
Statutory liability – Covers the cost of defence, fines and penalties under some statutes (e.g. Work Health and Safety).
Employment practice liability – Covers payouts for claims of employment breaches, such as wrongful dismissal, bullying or discrimination.
Directors’ and officers’ liability – Protects your proprietary limited company’s past, present and future directors, officers and managers against claims of wrongful acts, such as misrepresentation or breach of duty (subject to business size).
Crime – Protects your business against claims such as employee or third party fraud (not all criminal activity is covered).
Cyber Liability
Many business owners don’t fully understand how their business could be attacked. However something as simple as an employee clicking on the wrong link, sending an email to the wrong person or using a corrupted website could leave your entire system exposed.
Cyber Insurance is one of your best forms of defence.
What does it cover?
Some of the key inclusions to look for are listed below:
Cyber extortion/ransom
Business income loss
Data restoration
Legal defence costs
Regulatory fines and penalties
Security and Privacy Liability
Business Legal Expense Insurance
The justice system can be complex and expensive. Just an hour of a lawyer’s time can cost hundreds of dollars and going to court could cost thousands.
Legal Expense cover provides affordable access to legal advice and representation when you might otherwise be deterred from exercising your legal rights. Depending on the type of claim, this may include defence costs or pursuit costs.