Compliance consultants cover a range of responsibilities related to regulations or standards. As such, they can be vulnerable to potential risks that when matters go wrong, a client may hold the consultant responsible for injury or damage caused and / or financial loss.
An insurance policy can help mitigate the financial risks that come with the consultancy work. FD Beck can arrange a suitable insurance policies to protect a compliance consultant from the potential costs of claims.
Why do compliance consultants need insurance?
A compliance consultant is a specialist in regulatory procedures to ensure that the corporate firms they work with understand government regulations, standards and legalities. They cater to a wide range of industries, including banking, building, health, accounting, and other industry undergoing regulatory change.
Compliance consultants may provide erroneous or misleading advice which can lead to clients making a demand for compensation against them. In such events, an insurance policy may help cover the cost of claims.
What Kind of Insurance Policy Do Compliance Consultants Need?
As a specialist, a compliance consultant may need professional indemnity insurance and public liability insurance. You can customise your policy according to the terms and level of coverage you require.
Whether you’re a senior or starting consultant, you may be subject to error.
Here are some common exposures related to your profession as a compliance consultant:
Get Assistance from FD Beck Australia
At FD Beck, we understand the risks involved in consultancy work. A claim against you and your services can result in a severe financial loss, which is detrimental to your credibility as a professional. With our team of professional insurance brokers in Australia, we can offer you insights into a suitable insurance policy that fit your requirements.
You can also explore our online tool to request a quote.
In general, compliance consultants’ professional indemnity insurance covers a range between $500,000 to $10,000,000. It depends on the level of coverage you require. The needs of your business may vary according to size, services, and other insurance factors.
You can schedule an appointment with our brokers to get more detailed advice on our policy. Alternatively, you view our short video “How much Professional Indemnity does a consultant or freelance professional need?“
2. Do all compliance consultants need professional indemnity insurance?
Professional indemnity insurance is mandatory for some professions in Australia. Some clients may even require compliance consultants and other professionals in the consultancy industry to have professional indemnity insurance.
For more information on professional indemnity insurance, view our short video “Why do I need professional indemnity insurance?“
3. I have a budget for compliance consultant coverage. Can you create a package based on my budget?
Yes, we can guide you through the whole process and customise your policy within your budget. For more information about the cost of insurance please view our short video “How much does professional indemnity cost?“
FD Beck offers an easy guide to getting the right policy for you or your business. We also have an insurance calculator available on our website to show you various quotes information on insurance coverages.