If you provide advice or services of a professional or skilful nature you can be held liable if someone suffers loss due to your failure to uphold professional standards. Roderick Insurance Brokers offer a range of professional insurance covers to protect Geelong and Werribee professionals against the risk of being sued.

Generally, public and products liability insurance policies exclude cover for professional advice or service and therefore a professional indemnity policy would be necessary to cover this risk.


Professional indemnity insurance

A professional indemnity policy can cover a range of industries and is designed to cover the legal costs associated with defending a claim arising from any actual or alleged negligent act, error, omission or breach of duty as well as paying any damages awarded.

You may require professional indemnity insurance if you provide a service or advice for a fee or deemed to be of a professional nature, and a third party may sustain a loss resulting from your acts, errors or omissions in relation to the services or advice.


Management liability insurance

If claims arise against the management of your company, management liability insurance will protect your personal and business assets. It protects directors, officers and employees, as well as the company itself in respect of the costs of defending a claim, and in many cases the damages and costs awarded as a result of a wrongful act. These may include:

  • representation costs for investigations by any regulator or legally constituted professional body
  • pecuniary penalties, where permitted at law
  • breach of directors duties
  • breach of confidentiality
  • occupational health and safety proceedings
  • defamation
  • employment practices.

In an increasingly litigious and complex world, it is more important than ever for companies to protect their financial stability, while individual directors and senior managers avoid or survive lawsuits. Without adequate cover, you not only risk losing your business or job, but also your personal assets.

Management liability insurance coverage extends far beyond what typical policies provide, offering the following protection for you and your company:

Employment practices cover
Covers directors, the company and the employees for issues arising from employment practices, harassment, unfair dismissal and other employment issues.

Statutory cover
Protects directors and the company for fines and penalties from operating the business including workers compensation-related fines.

Crime cover
Covers the company for fraud and theft by employees including theft of stock.

Corporate entity cover
Shields the company against actions arising from managerial matters.

Superannuation trustees cover
Protects the trustees of any staff superannuation funds run by the company for employees.

In addition to this base cover there are many extensions that can be included to cover any specific requirements of your business.


Directors’ and officers’ insurance

Directors and Officers of companies have a personal liability exposure for decisions and actions taken within the scope of their regular duties.

Directors and Officers Insurance is designed to protect the assets of company directors and other individuals of a corporation against personal liability claims made against them for wrongful acts committed. A wrongful act could be an actual or alleged breach of duty, breach of trust, neglect, error, misstatement, misleading statement or omission.

Please contact our Geelong commercial insurance brokers to find out more, or take a look at our insurance client testimonials.

We can offer
  • A tailored policy to suit your requirements
  • Professional advice on which covers you should consider
  • Flexible payment options including monthly payments
  • Dedicated account manager
  • Specialised claims service