Regardless of how well your policy and research services are, you are not immune from an allegation of a professional breach.
A Research and Policy Advisory Consultants’ insurance policy is your first line of defence against potential claims.
Discover the insurance policy packages offered by FD Beck. Advisors and Consulting firm owners in Melbourne and Victoria will have peace of mind while managing their client’s needs.
By purchasing a policy, you can cover your legal defence costs and protect yourself from a third-party compensation claim.
What Kind of Insurance Does a Research and Policy Advisory Consultant Need?
Organisations require Research and Policy Advisory Consultants to help and provide advice, for research, for making and passing policies. These advisors ensure that policies are in compliance with respective laws in Australia.
These professionals may need the following insurance policies:
If your recommendations resulted in significant financial losses, your client may lodge a professional indemnity claim against you. Professional indemnity insurance safeguards you against a third-party claim for losses incurred as a result of the professional advice you have given. It also covers the lawsuit costs incurred from the investigation process to the court appearances, in addition to the compensation claim.
Public liability insurance protects you and your company from claims by third parties for personal injuries (like slips-and-falls) or property damage. For instance, if one of your staff caused damage to your client's valuable items while on the job, you can use your public liability insurance to respond to the claim. You may be able to cover third party demands for compensation and other costs such as replacement or repair of damaged property.
Other Insurance Policies You May Add
If you own a business and have employees, you may need the following insurance coverages:
Business insurance is broad. It may cover property damage, theft, and loss of business income. It's a good idea to prepare a precise list of your valuables so that an insurance broker can help you choose specific policies.
Key Exposures for Research and Policy Advisory Consultants
A Research and Policy Advisor’s error can result in a huge loss for the business for which they work. Here are key risks these professionals may face:
Customise Your Policy with FD Beck
As your risks are unique, you may want to get insights into what policy is suitable for you. FD Beck Australia understands the responsibilities entailed in your line of work. That is why our team of qualified insurance brokers will assist you in identifying appropriate insurance solutions. Let us help you arrange your insurance policy.
To get a quote, use our online calculator.
What should the limit of my professional indemnity be?
A professional Indemnity Limit could range from $500,000 to $5,000,000. The limit of your policy is determined by the nature of your work, the industry you work with, the size of your business, and any insurance contractual requirements you may have.
If you are unsure about what Limit you require then please contact one of our qualified insurance brokers for additional information and advice on what is best for your company.
Are all consultants required to have PI Insurance?
If you charge a professional fee for your services, it is our recommendation that you have a PI policy. It is important to have insurance policies to cover any possible claim filed against you or your business for a breach of a professional duty. Some clients also require professionals to secure PI insurance before starting any consultancy work. Check out this short video on Is professional Indemnity insurance compulsory or a legal requirement?
Can you arrange my insurance according to my budget?
Yes, our professional insurance brokers can discuss the policies best suited to your business needs and according to your budget. Aside from professional indemnity and public liability policies, there are other insurance policies that may be relevant to your business.