Protect Your Company and the Management Team
In today’s litigious society, company directors, board members, managers and professionals who provide specialist advice or services face the real prospect that they could be sued by any number of people from corporate regulators and membership bodies through to disgruntled clients and/or employees.
In order to ensure that you are adequately protected in the event that you are sued, you need to protect your assets (and your company’s assets) by purchasing a suitable insurance policy tailored to your organisations own individual requirements.
Professional and financial risks insurance is an important part of your business’ risk management plans regardless of whether you are a one person consultancy, established company, or a not-for-profit association.
Types of Professional & financial risk insurance are:
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- Professional Indemnity Insurance
- Information & Technology (IT) Insurance
- Cyber Insurance
- Management Liability including Directors & Officers Insurance
- Employment Practices Liability Insurance
- Crime / Fidelity Insurance
- Association Liability Insurance
- Not For Profit Insurance
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Unique Features of Professional & Financial Risk Policies
There are certain unique concepts of a professional and financial risk policy. The most important concepts revolve about when cover is actually in place and are explained below:
Claims Made – Most professional liability policies are arranged on what is known as a ‘claims made’ basis. This means that the policy only responds to claims first made against your business during the policy period, irrespective of when the act of negligence was actually committed. Once the period of insurance has expired, no claims can be made on insurers unless they were notified at some time during the currency of the policy.
Run-off – Once a claims made policy expires, the insurer is not liable to provide indemnity for circumstances that have not been advised to them before expiry. A retiring partner, or business which has been sold, will need to ensure that cover is kept in force for a reasonable period of time to cover the “run-off” of potential incidents which have happened but are yet to be reported as claims.
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Webber Insurance has access to over a hundred different local, interstate and overseas markets to ensure we find the most suitable insurance product for your business at a competitive price.
For more information about professional & financial risks insurance, call us on 1300 932 237, or click the links above to go to each covers page direct to arrange an obligation-free quote.