Whether you are working independently as a freelance consultant or are running a company in Australia, you will need insurance for your risk management business to protect yourself from the threat of possible claims. There are two types of insurance solutions that you may require:
As risk management consultancy business owner, here are some key insurance products that you need to consider for sufficient financial protection.
In general, a professional in risk management consultancy will need between $500,000 and $5,000,000 of protection. When deciding upon the right limit for your business you need to consider several factors, including the size of your business, the nature of your work, and any insurance or indemnity clauses including contracts you may be signing. Know how much you need using this guide.
A consultant working in risk management or any other industry that offers professional advice needs a PI insurance policy. Whilst PI insurance may not necessarily be compulsory or a legal requirement in Australia, it’s our absolute recommendation for professionals who charge a fee for their consultation services. Before deciding to buy a PI insurance, review these things to help you understand your risks better.
Yes, it is possible. If you have a certain budget for risk management insurance, get in touch with our qualified insurance brokers. We value your requirements which is why we’re available to discuss what you need. It is likely you will need to bundle your PI insurance with public liability insurance, so knowing what public liability covers may also help.
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