Miscellaneous Professional Indemnity
Professional Indemnity Insurance, also referred to as PI Insurance, provides financial protection for companies and individuals for claims made against them in the course of carrying out their professional services.

If a company provides services of a skilful nature involving specialist knowledge or expertise, then legally, they can be held to have a higher degree of skill (and a duty of care) than others.

Services of a skilful nature can include providing technical advice, specifications, designs, consultancy, opinion or analysis, inspection and testing and project management. These are only a few of the services exposing companies to a professional liability, however, it is wrong to assume a company’s exposure is limited to merely advice or design alone, which is a common misconception. The number of companies and individuals taking out PI Insurance has grown considerably in recent years and is now in place across a wide range of occupations and industries.
Design & Construction Insurance
For companies involved in the construction industry, PI Insurance is something that needs to be considered. Many companies these days are involved in design and construction projects, which sees them not only responsible for the physical construction, but also the design and the sub disciplines that go along with it, i.e. engineers, architects, surveyors, just to name a few.

Design and Construction Insurance is a specialist PI policy specifically designed for those companies undertaking design and construction projects. From tailored professional services definition, through to valuable contractual liability extensions, such insurance is a must for companies involved in this industry.
Financial Institutions Insurance
Financial Institutions Insurance is targeted at those companies that are considered to be financial institutions and can include fund managers, stock brokers and health insurers, just to name a few.

A typical Financial Institutions policy provides flexibility for the companies in this space as it provides PI coverage, D&O coverage and in most cases, the option of Crime coverage. Limits can either be aggregated or separate towers built, depending on the requirements of the companies purchasing the insurance.
Management Liability Insurance
Management Liability Insurance protects directors & officers and the company against the risks and exposures of running a business (i.e. your liability for mismanagement). Without adequate protection, individual directors and officers could risk losing, not only their business, but their personal assets. This insurance therefore protects you personally. The legal costs to defend allegations of wrongful acts alone can be financially crippling for businesses and individuals.

Management Liability Insurance is a packaged policy, designed for SME businesses with revenues of generally less than $100m. It includes directors & officers cover (including protection for the company), employment practices liability, statutory liability (fines & penalties insurable at law) and crime (including employee theft and elements of cybercrime) insurance.
Directors & Officers Insurance
Directors & Officers Insurance, also known as D&O, will protect the past, present and future directors and officers plus anyone else involved in the management of a company for claims alleging a wrongful act. The policy also provides valuable defence costs coverage in defending allegations of wrongful acts.

With Directors and Officers being subject to numerous laws and regulations under the Corporations Act, ensuring protection of their personal assets is extremely critical.
Employment Practices Liability
Employment Practices Liability Insurance provides cover to the company, directors, officers and employees for claims made by current, past and prospective employees for issues arising from employment practices, including harassment, unfair dismissal, bullying, discrimination and other employment issues.

Given the active nature of Fair Work Australia (FWA) in recent years, claims from employees against their employer have risen significantly. Defending such allegations can also be very costly.
Statutory Liability Insurance
With regulators in Australia becoming more active, investigations, along with fines and penalties from allegations of wrongdoing are becoming much more common. To cover off this exposure, Statutory Liability Insurance is an important part of an insurance program.

Statutory Liability Insurance covers certain individuals and the company for investigations by regulators and the resulting fines and penalties that can be imposed on companies during the operation of their business.
Crime Insurance
Every company, regardless of size, is a potential target for white collar crime. Crime is one of the fastest-growing, most prevalent problems facing businesses today. The changing economic environment, advancements in technology and international expansion make the threat of loss more ominous than ever before.

A comprehensive Crime Insurance policy provides cover for the loss of a company’s money, securities and property caused by both first party theft (i.e. theft by employees) and third party theft (theft by external parties). Crime policies also extend to elements of cybercrime, including in some cases, social engineering fraud.
Prospectus Liability Insurance
When a company decides to go public and list on a stock exchange, there are numerous processes they need to go through. Issuing a prospectus to the public, in which an informed decision on investing may be made on, can lead to significant issues around disclosure, especially if the company does not perform as well as expected upon listing.

The raising of capital via a prospectus can either be covered off in two ways:
  • Under an annual D&O policy with coverage tied in for the actual prospectus document (usually for small raisings).
  • Under a standalone multiyear prospectus liability policy that sits separately from the annual D&O Insurance and hence ring-fences the prospectus exposure (usually for larger raisings).