LOVE what you do without the risk

Are you and your business covered when it comes to giving advice?


When running a business it is important to make sure that you are correctly covered when giving out advice or services. Do you know your obligations? We make business owners aware that minimising risk to your business is the first step, not, the Insurance policy.


So, if you or your company are providing professional advice or services it is important to understand that your clients can potentially incur great hardship if the advice or service is found lacking. Which can put your company at risk.


As a professional you have a legal duty of care between yourself and your client. From sole trader to global organisations. If you do not exercise the required standard of care it may result in an error or omission otherwise known as professional negligence.

When looking at minimising the risk to your business, here are a few tips to look out for:


Does the policy have sub-limits? If so, are they adequate?


Does the business description fully describe all your business activities? If not, they are not covered.


Does the policy deductible apply to the Defence Cost claims? If so this can be an expensive option.


Will the Insurer pay the defence costs and expenses in addition to the Limits of Liability?Legal and other professional costs can quickly add up and erode the limit of liability.


Does the policy contain a retroactive date or is it unlimited? Claims applying prior to the retroactive date are not covered.


Does the policy cover any breach of professional duty committed or alleged by any consultant or subcontractor? The Insured is or may be deemed legally liable.


Risk Management
Contact us today for a free consultation and further information.
P: 02 9979 3033             E: support@bifw.com.au
This communication contains general information only and is not a financial product or service specific to yourself.