Professional Risks

Management Liability

Your largest exposures as a business owner are often not physical, but rather judicial from staff, competitors and fellow shareholders. When people think about insurance, they think of risks outside of their business involving third parties. But what about your exposures from within the company, or those from competitors and fellow shareholders?

Management Liability is designed to protect you and your company from the risks that come from running a business. This could include harassment, bullying, unfair dismissal, defamation, OH&S penalties, and fraud.

In the event you are held liable for mismanagement, the legal defense costs often escalate quickly and without the adequate protection, your personal assets can be left exposed.

Anyone who is the owner of a private company or business should have a Management Liability Policy. The larger your business grows, and the more staff you have, the more exposures can present themselves.

Directors and Officers Liability – protection for the directors and officers of the business for claims of wrongful acts. Such as fraud and financial loss.

Employment Practices Liability – cover for the company, directors & officers as well as employees for claims made by employees. Such as unfair dismissal, bullying, racism.

Statutory Liability – protection against the company and individuals against liability for statutory fines and penalties that unintentionally breach of legislation. Such as OH&S fines.

Civil Liability – cover for the company for loss derived from dishonest acts. Such as theft, fraud and misleading or deceptive conduct.

Corporate Entity Liability – protection against for management allegations such as fraud and disputes between shareholders.

In addition to the above, Management Liability will provide cover for investigation costs associated with company and director tax audit, crisis management and public relations (for situations involving defamation etc.)

Professional Indemnity

Professional Indemnity Insurance (PI) covers you from claims where you are found liable for negligence from the advice you have provided to clients. A PI claim would typically arise when a client has suffered a financial loss, injury, or property damage after following your advice and as a result, are suing you for professional negligence or misleading conduct.

It is assumed that only medical, legal and finance professionals require PI. But the reality is that if you are a professional who gives advice, it is worthwhile having the discussion about your potential exposures.

Anyone who gives professional advice and especially those who charge a fee for doing so. Accountants, architects, designers, engineers, surveyors, valuers, to name a few.

The most notable benefits of PI insurance are for the legal costs incurred during the investigation and defense of a PI claim. Your policy will also cover the compensation which you may be deemed to pay to settle the claim and get back to business.

Cyber Liability

Technology has become so fundamental in the business world today, that is difficult to imagine how we could operate without it. The reality is that every business today relies on systems and software to store customer information and is in constant access to the internet.

A Cyber Liability policy will protect your business for the costs incurred in response to a cyber-attack and the liability exposures which could arise from your client’s information being inappropriately exposed or stolen.

Any business that relies on the internet and online systems or software. Specifically for businesses that take payments electronically and store client information.

Some of the key covers include:

Hacking: reimbursement for the costs required to respond, investigate, rectify, and restore damage caused from a cyber-attack.

Fines & Penalties: costs for fines your business incurs due to a data breach

Blackmail & Extortion: payment of demands in the event your network, systems or data is held ransom

Business Interruption: compensation for the lost income/reduced revenue because of a cyber attack

Legal Expenses: in the event where your business is found to be negligent and is liable to pay damages