What are the key risks in the Professional Services/Consultants sector?
Professional Services and consulting businesses can face a complex mix of exposures, depending on the range of services provided and the environments in which the business operates.
The potential exposures range from straightforward ‘damage to their own physical assets, like ‘Office’ Contents, &/or expensive specialist equipment needed for use on site, to Legal and Professional Liability exposures arising out of their advice, design or supervision activities.
The following is a summary of the typical covers purchased by a Professional Services business. Your Coastsure Insurance Broker can assist you to select appropriate covers to suit your own unique risk exposures in which you and your business engage.
Fire & Perils /Accidental Damage
Covers your physical assets (buildings; stock; contents) against loss or damage by certain physical events such as fire; water; malicious or accidental damage; storm & tempest and the like.
Business Interruption
This cover pays for any profits lost by the business when it has been unable to trade, due to loss or damage from an event covered by the policy. The cover can also include wages and other out of pocket expenses.
Public & Products Liability
Covers your legal liability to third parties for personal injury or damage to their property if you are held to be negligent at common law, arising out of your business or your products.
Burglary
Pays up to whatever amount you nominate in the policy against the event of Burglary / Theft of your physical assets from your premises.
Glass
Covers glass at your premises against damage necessitating replacement.
Computer & Electronic Equipment Breakdown
Pays for the cost of repair of your computers and electronic equipment, including software following in the event of a computer breakdown breakdown. It also includes cover for Restoration of Lost Data.
Machinery Breakdown
Pays for the repair or replacement of your machinery following breakdown whether mechanical or electrical.
Mobile Plant & Equipment / Portable Property
Covers nominated Registered and Unregistered Plant & Equipment, against loss or damage, anywhere in Australia.
Property in Transit
Covers Stock whilst in transit, (road, rail or air), up to a nominated ‘limit any one event’.
Professional Indemnity
For businesses providing professional advice or service, this pays for legal liability for financial loss alleged by third parties, as a direct result of reliance upon your professional advice or service.
Management Liability
Covers your liability to third parties as businesses managers, for such things as Employment Practice Liabilities for wrongful dismissal or discrimination, Statutory Liabilities for breaches of Corporations Law, breaches of Fair trading law, etc.
Cyber Protection
Helps safeguard you and your business against expenses and legal costs if your website or other systems are hacked and your system cannot be used, customers’ details are stolen, or a ransom is made.