Professional Services
In the fast-paced world of professional services, protecting your reputation is paramount. Whether you’re in consulting, accounting, legal, or design, our tailored insurance solutions safeguard your business against professional liability, cyber risks, and unforeseen disruptions. Let us help you focus on delivering exceptional services to your clients.
Products
- Professional Indemnity
- Cyber
- Equipment Breakdown
- Crime
- Management Liability
- Public Liability
- Business Interruption
- Property
- Corporate Travel
- Motor
- Product Liability
- Marine
- Workers Compensation
Some significant exposures for professional services firms
- Crime – fraud-based claims and employee dishonesty
- Crime – theft of laptops/computers, mobile phones and other small electronic devices
- Cyber – external hacking to gain access to sensitive/confidential client information
- Equipment – breakdown of business-critical equipment
- Management risks – breaches of WHS legislation, discrimination , privacy breaches and other employment practices liabilities
- Product liability – corporate giftware
- Professional risks – errors and omissions, intellectual property risks, poor staff supervision
- Property damage – faulty appliances such as desk top fans and heaters introduced by staff
- Property damage – fire risk in staff kitchens
- Property damage – loss or damage to computers and telecommunication equipment
- Property damage – poorly maintained building, plant and machinery/electrical switchboards
- Public liability – damaging customer property when visiting sites
- Public liability – slips, trips and falls can lead to customer injuries
- Workers compensation – repetitive strain injuries, eye strain due to poor ergonomics in office environments
- Workers compensation – stress related claims
Product Spotlight – Professional Indemnity
Professional Indemnity protects a business against civil liability arising in the practice of their profession. Many professional associations require their members to maintain professional indemnity and often have specific requirements. Many clients might also make maintaining professional indemnity a contractual requirement of any work they are tendering.
Common sources of claims include:
- Breach of professional duty of care including negligent acts, advice, error or omissions
- Breach of contract
- Fraud
- Conflict of interest
- Loss of documents or data entrusted to insured
- Defamation
- Unintentional breach of confidence, confidential duty or misuse if information
- Breaches of data protection/privacy legislation
- Unintentional breaches of consumer protection legislation
Claims Examples
Business Details – Advertising Agency
Background – The advertising agency developed an advertising campaign for an alcoholic product but failed to comply with Australian alcohol advertising guidelines. The campaign was cancelled, and the client demanded reimbursement for production costs and the costs of the media purchased.
Outcome – The professional indemnity policy covered the settlement and legal costs.
Total Payment – $400,000
Business Details – Property Manager
Background – The property manager was appointed as a managing agent under the lease of commercial premises in a shopping centre. An error with the property manager’s system resulted in a tenant not receiving a notice that was required under the lease agreement for a formal review of the rent. As a result the client’s tenant argued that the rent could not be reviewed for a further twelve months. The client sued the property manager for the loss of rental income.
Outcome – The matter was resolved through commercial negotiation and the insured’s professional indemnity policy covered the settlement and legal costs.
Total Payment – $100,000
Business Details – Engineer
Background – The engineer designed a bulk storage warehouse intended for fertiliser storage. The design was based on the storage of a lighter nitrogen-based fertiliser. The warehouse was then used to store a heavier potassium-based fertiliser and three months after construction, the wall panels began to bow and crack under the weight of the fertiliser. The client alleged that the design brief did not restrict the intended use of the warehouse for a lighter fertiliser.
Outcome – The insured’s professional indemnity policy covered the rectification costs.
Total Payment – $1,00,000