Financial and Professional Liability Insurance
Financial and Professional Liability Insurance can cover a variety of areas, including, but not limited to:
- Directors’ and Officers’ Liability Insurance (D & O):
- D & O cover is required to assist directors and officers to address the requirements of business, legal, regulatory, including statutory requirements and investigations for their company roles, including operational requirements for a business, which can be a complex area.
- Professional Risks (and/or Indemnity) Insurance (PI);
- Insurance cover for professionals in circumstances where negligence, error or omission in advice and/or services is alleged; together with costs of investigating and defending such allegations.
- Employment Practices Liability Insurance (EPL);
- Exposure to a business could include a bullying and/or harassment claim, sexual harassment, alleged discrimination, failure to promote and/or wrongful dismissal claims. Such claims require careful handling to assist the business to navigate the claims and insurance process, but also to assist in safeguarding the business reputation and managing internal and external investigations.
- Management Liability Insurance (ML);
- Insurance that is often tailored for the SME (small to medium sized enterprises (businesses)) to cover a variety of business operational risks that can include, employment practices liability, cyber, fidelity, ATO tax and audit requirements and other statutory/ regulatory inquiry and/or investigation cover and costs. An individual businesses’ ML policy would need to be considered to determine what cover options were available for a claims circumstance alleged.
- The internet is now integral is all business operations, such as marketing, payroll and the exchange of personal information. External and unauthorised access remains a threat; but the flow on effects to a business can be equally damaging, such as reputational damage, shareholder impacts and requirements to report to regulators.
- Fidelity (Crime):
- Such a loss may occur in your business where a theft occurs of money and/or property, which may be because of a dishonest act. Such matters require careful investigation and handling, due to investigation, reporting requirements, regulatory and working with law enforcement agencies.
- Errors and Omissions (E & 0):
- Professional liability for an error or an omission, including misstatement or misrepresentation, incorrect advice, breach of duty and/or a failure to provide advice or a service.
SR Insurance Consulting has extensive experience in claims resolution for these areas, with Sarah Robinson, Principal, being a claims specialist in this field. Accordingly, we can provide high level support for an often-complex area for claims resolution and insurance requirements for businesses and/or individuals.