Professional Insurance

If you own a business, you may be liable for damages or injuries to another person or property. Though liability insurance is optional in most cases, it is strongly recommended for businesses in all industries as the likelihood of being sued is unpredictable and potentially very costly.

In addition to claims for property or injury, you often also need to consider defending yourself from a professional conduct claim, which can cost you time, money and damage to your reputation, regardless of whether the allegations are founded or not. If things do go wrong you could be held responsible not only for your own actions, but for those of your partners, employees or volunteers.

Association Liability Insurance

A policy that specialises in the unique risk that exist for claims for Not for Profit Organisations.

Predominantly it is insurance for claims of an alleged breach of Professional Misconduct usually around the provision of services.

Often with these type of claims there is more expense in legal and administration costs to defend the claim than what can be perceived as the legitimacy of the actual claim itself.

Claims can also often come from employees or former employees.

Because these type of business can range from a varied type of business from Aged Care through to early childhood care and education or even religious study groups to sporting social groups it is important to ensure that the policy and cover options that you select are right for you.

Competitive Insurance Solutions are well experienced in this area and would be happy to assist you and your organisation to provide any advice and assistance you may require to give you cover and piece of mind, knowing that you have reviewed all exposure and risk and that you are comfortable with the risk management processes and level of insurance that your organisation has in place.

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Directors and Officers Insurance

Directors & Officers Insurance also known as simply D&O Insurance protects a business's officers and directors against personal liability for any alleged act or wrongdoing within their role within the business.

Legislation in many countries make directors and senior officers personally responsible for wrongful acts they commit as representatives of the company. If poor management decisions are made and the company loses business, if investors are given inaccurate information or if an employee believes he has been unfairly dismissed, personal action may be taken and the company may be prohibited from paying costs or damages on the directors behalf. Extremely large personal claims have been seen in the USA and they are becoming more frequent in Australasia.

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Employment Practices Liability Insurance

Employment Practices Liability often known simply as EPL Insurance is to cover against claims bought by the employees of a business for alleged claims such as wrongful dismissal, prejudice, bullying or mistreatment.

Whilst a public liability covers claims from members of the public as an employee that are usually considered a representative of the company also claims do not necessarily need to be relating to a physical injury or property damage as a business' obligations of care for their employees are much greater and therefore a policy such as EPL Insurance is a consideration for many employers in the ever increasing litigious world that we live in.

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I.T. Specialised Insurance Package

Public Liability Insurance covers claims made against you for alleged negligence in relation to injury or property damage Professional Indemnity Insurance covers claims usually of a financial loss resulting from an alleged professional misconduct due to an act, error or omission.

In some industries these two policies and what they cover can become blurred when a claim occurs and incorrect or misconstrued advice can result in property damage for example.

The Information Technology sector is a great example of this and as such a number of insurers have designed a special policy wording just for this industry type.

If you work in the IT or other areas relating Technology it is advisable to speak with a broker who understands your risks so that they can ensure that you have the right policy for you to ensure that you get the most appropriate cover and the most competitive price.

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Management Liability Insurance

Management Liability Insurance is a package policy that grabs the main bits from a selection of policies such as a;

  • Directors & Officers Policy
  • Employment Practices Liability Policy
  • Fidelity Insurance Policy (Embezzlement)
  • Superannuation Trustee Liability Policy
  • Crisis Cover Policy
  • Legal Defence Costs Policy
  • Official Investigation & Enquiry Costs
  • Occupational health and safety defence and investigation costs

This is a very popular cover for small to medium sized businesses as it is often seen as an "all in one" type policy. Whist it does not have the same amount of smaller benefits and general scope of cover that each of the individual policies offer it is a great value for money and practical cover for the everyday customer to consider and is a very popular option over the past few years.

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Professional Indemnity Insurance

An Insurance policy covering legal liability to others due to professional negligence. These are usually claims for a financial damages incurred as a result of someone relying on the information, training or advice that you have provided.

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Recruitment & Training Specialised Insurance Package

Public Liability Insurance covers claims made against you for alleged negligence in relation to injury or property damage Professional Indemnity Insurance covers claims usually of a financial loss resulting from an alleged professional misconduct due to an act, error or omission.

Management Liability Insurance is a package of various types of insurances to cover the Directors & Officers for their personal risks that may expose them to a claim being made against them personally. This type of insurance also covers for claims involving incidents that occur within the organisation itself such as embezzlement of funds or Superannuation Trustee Liability or even Cyber Liability claims.

In some industries these three policy types and what they cover can become blurred when a claim occurs.

The Recruitment, Labour Hire & Training Industries are very unique in that rather than just having a master/servant relationship there is also a third party involved which is often referred to as the Host Employer. When a claim is made due to a member of the public or even a worker or trainee getting injured or suffering property damage it can make for a very complicated and expensive legal battle. In a time like this an insurance broker who specialises in this area is required to ensure that you obtain a specific insurance policy that allows for such eventualities.

Standard policies have several clauses & standard policy exclusions that are not appropriate for the labour hire industry it is very important to ensure the insurance policy you have is going to be right for you and to cover you for your claims as expected when you need it to.

At Competitive Insurance Solutions we look after many large and small clients in the Recruitment, Labour Hire & Recruitment Industries and are happy to assist you should you like to contact us to discuss your needs.

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To meet the growing needs of your business, we recommend your insurances be reviewed regularly to ensure that your insurance remains relevant with your existing range of policies.

Please contact us at Competitive Insurance Solutions if we can assist you with any queries.