Professionals Exposures and Risks
The exposure varies depending on the nature of the service and type of clientele.
Possible sources of claims may arise due to:
- Breach of professional duty of care;
- Wrongful advice;
- Negligent acts, errors or omissions (e.g. in data processing);
- Breach of contract;
- Unintentional infringement of intellectual property rights;
- Loss of documents or data entrusted to the insured;
- Unintentional breach of confidence, privacy legislation or misuse of information;
- Breaches of Data Protection/Privacy legislation.
Up to date adequate industry training, mandatory accreditation and compliance for employees has to be maintained.
- Low risk - usually limited to general office/occupiers' liability.
- Sub-leasing implications in some circumstances.
- Low number of visitors.
- Slips, trips and falls (e.g. over power cables, loose carpet, files left on floor, in appropriate access to/in stairwells etc.).
- Electrical shocks - poorly maintained computer equipment, appliances or ancillary installations.
- Kitchen accidents - hot water, electric shocks, burns, slip/trip hazards.
- The frequency with which functions, training and presentations are held involving large numbers of attendees, participants and guests should be considered (where applicable).
- Entertaining conducted “in-house” due to taxation benefits will increase exposure.
- Owned or leased property - responsibility under common areas (e.g. lobbies, lifts, stairwells etc).
- Any additional responsibility under tenancy agreements.
- Work away from the premises local or intra/interstate.
- Company staff attending Client’s premises
- Businesses are becoming more and more dependent on digital technology/integrated IT systems;
- Security/privacy breach - presence of large volumes of sensitive personal and cooperate data/presence of digital files and databases;
- External hacking attacks, internal negligence, deliberate acts, system glitches etc.;
- Electronic data/software loss and replacement cost following a cyber-attack;
- Electronic media liability - including invasion of privacy, infringement of copyright, title, slogan, trademark or service names including domain names, false advertising etc.;
- Business interruption/increased in cost of working following a cyber-attack;
- Businesses held to ransom before systems are released;
- Privacy breach – accidental distribution of customers personal information in a mass e-mail;
- Cyber-threat from interconnected supply chain business partners/outsourced services providers;
- Internal control and other issues – e.g. non-segregation of sensitive data, inadequate user access control/password protection, outdated POS software applications, absence of up to date antivirus software/firewalls, unencrypted data/information/lack of end-to-end encryption;
- Possible presence of older devices/computer systems with outdated operating systems and unsupported software;
- Inadequate training for employees on data security/privacy/cyber risk. No or inadequate background checks conducted on employees/various service providers/suppliers etc. Possible presence of higher numbers of temporary staff in the industry;
- Compliance and control issues - no or inadequate policies, procedures and protocols on cyber security and related matters (if applicable);
- Bring your own devices (BYOD), download and install personal, or unauthorised software, use of USB or other media devices;
- Extra expenses following a cyber incident including forensic investigation costs, crisis management expenses, notification and monitoring expenses, remediation expenses and other extra expenses association with a loss;
- Brand and reputational damage following a cyber-attack/data breach;
- Security lapses in company web-sites – cyber threat to own hardware and software. Cyber threat to visitors of the website;
- Lack of security measures including a combination of technology (e.g. IT security) and physical security at the premises.
Why choose Hunter Broking Group?
Professional Insurance Broker Brisbane:
Hunter Broking Group can assist with Insurance for Professionals & Office Equipment Insurance. Through industry specific insurers, your designated advisor has access to a comprehensive range of insurance products that be tailored to suit most professional services operations and consulting risks. We can arrange insurance for various segments in the professional services industry including:
- Management Consultants
- HR Consultants
- HR Advisors
- Business Advisors
- Business Coaches
Hunter Broking Group pride themselves on having a local presence with a national strength, our technical product experience allows us to manage and service professional services insurance products such as:
- Professional Indemnity Insurance (site supervisors, engineers, design, consultants)
- Public Liability Insurance
- Office Equipment Insurance
- Employers Liability (non government states)
- Electronic Breakdown Insurance
- Management Liability Insurance
- Cyber Liability Insurance
- Personal Accident / Illness Insurance
- Tax Audit Insurance
- Increased Cost of Working Insurance
- Business Interruption Insurance
Office equipment insurance is a core focus for our advisors, whether we are looking after small computer stations or corporate office equipment, Hunter Broking Group have the experience to provide the appropriate advice for your size and risk exposures.
Our experienced brokers can help you get the most appropriate insurance cover by assessing your specific needs and recommending the best value insurance solution for your business, whilst still maintaining the highest standard of cover.