Services

Professional Risks

We assist clients to understand the risks they face. We then arrange appropriately tailored cover. Importantly we provide “plain english” advice in this complex field.

In today’s litigious society, company directors, managers and professionals who provide specialist advice or services face the real prospect that they could be sued by any number of people from corporate regulators through to disgruntled clients, employees or stakeholders. In order to ensure that you are adequately protected in the event that you are sued, you need to protect your assets (and your company’s assets) by purchasing a policy or, if you are providing professional advice or services, a Professional Indemnity insurance policy. Our aim is to take the worry out of your hands, from completing the application through to policy inception and beyond, we endeavour to ensure that you understand and are comfortable with the cover you have purchased. We will use our expertise to develop a policy that ensures the broadest coverage available; not just a “stock standard” policy.

Below is a brief description of a number of professional risks insurance products:

Cyber Liability

A specifically designed product to cover the consequences of a cyber-attack on your business that results in a financial or reputational loss to your business.

Things you should consider:

1. What is your 1st party exposure to an attack i.e.unable to access your systems?

2. What is your 3rd party exposure to an attack i.e.loss of private or sensitive customer and supplier data?

3. Are you IT systems and procedures up to date?

4. Are you relying on third parties to protect your data, andare you protected by your contacts?

5. To what extent do your existing Professional Indemnity,D&O and Statutory Liability policies address this exposure already? Whereare the gaps?

6. Does your policy cover you for a Social Engineering loss?

Crime Insurance

Coverage against white collar crimes such as embezzlement, computer fraud, investigation costs and legal costs. This includes losses that result from the fraudulent acts of both employees and/or external parties.

Things you should consider:

1. What does your external financial transaction profile look like (frequency and quantum)?

2. Do you have materials, stock or clients that could be manipulated or stolen?

3. What are your money handling processes, and how heavily are staff-managed transactions scrutinised?

4. Do you hold sensitive IP that is critical to your competitive advantage as a business?

Cyber Liability

A specifically designed product to cover the consequences of a cyber-attack on your business that results in a financial or reputational loss to your business.

Things you should consider:

1. What is your 1st party exposure to an attack i.e.unable to access your systems?

2. What is your 3rd party exposure to an attack i.e.loss of private or sensitive customer and supplier data?

3. Are you IT systems and procedures up to date?

4. Are you relying on third parties to protect your data, andare you protected by your contacts?

5. To what extent do your existing Professional Indemnity,D&O and Statutory Liability policies address this exposure already? Whereare the gaps?

6. Does your policy cover you for a Social Engineering loss?

Directors' and Officers' (D&O) Liability Insurance

A broad coverage that protects Directors, Managers and Officers from claims alleging a wrongful actin the management of the business, such as misrepresentations, non-disclosures, breaches of duty etc. It includes cover for defence costs, investigative costs, settlements and compensation/damages.

Things you should consider:

1. Are you aware of all the risks in your business that could give rise to a claim?

2. Do you have multiple Directors and Officers that can make decisions without approval of others?

3. Do you have clear governance processes that are documented and integrally followed?

4. Are you a listed entity, and what is your exposure to class actions?

5. Are you planning any mergers, acquisition or capital raises?

6. How is the company’s financial/solvency position?

7. Do you have any overseas entities and are you aware of all the local requirements in that jurisdiction?

Investment Managers Insurance (IMI)

Specifically designed to address the needs of investment management firms and fund managers, IMI combines Directors & Officers, Professional Indemnity and Crime coverages under one policy to provide broad coverage and de-risk the chance of coverage gaps.

Things you should consider:

1. What is your investor profile (retail/wholesale)?

2. What is the investment strategy of your fund(s)?

3. How would you respond to a claim or multiple claims that arose from the fund performance?

4. What compliance and governance practices do you have in place to avoid a loss?

5. How are you distributing / marketing your services, and if utilising external providers, are they adequately insured?

Management Liability

A packaged policy that provides both third and first party coverages and which has been specifically designed to address the exposures faced by SME to mid-market businesses and their Directors. The main coverages include Directors & Officers Liability(described above), Employment Practices Liability (alleged breaches of employment law), Statutory Liability (fines, penalties and investigations) as well as Crime/Fidelity which covers your financial loss that results from the fraudulent actions of your employees or external parties.

Things you should consider:

1. Do you have direct oversight over every interaction in your business, or do you delegate responsibilities to others?

2. Is your business growing quickly, potentially creating exposures in compliance or governance?

3. What is the experience level of your team?

4. How would your business and personal life be effected by a major claim against a Director?

Professional Indemnity (PI)

This covers claims brought against a company (or its employees) which arise out of the professional services, advice or design provided to a third party for a fee.  

Specific Professional Indemnity and Public Liability products are also available and are designed to cater for the exposures faced various industries:

IT Liability: covers claims arising from your technology services or products that are provided to a third party for a fee

Medical Malpractice Liability: covers claims arising from your medical advice or services that are provided to a third party for a fee

Life Sciences Liability: covers claims arising from your life science (cosmetic, dietary supplement, drug, medical device etc) product or service (including clinical trials)

FinTech Liability: covers claims arising from your financial and/or technology services and products that are provided to a third party for a fee

Things you should consider:

1. Are you being paid specifically for the advice you are providing, or is the advice incidental?

2. What is the maximum exposure for a loss on a single piece of advice you give?

3. Are you inadvertently providing advice via design, or recommended use of products and services?

4. Do you sub-contract out any of the professional services which you have been engaged to provide? If so, do you ensure that suchcontractors hold their own PI insurance and do you retain your rights of recourse against them under contract?

5. Are you required to hold a specific level of PI cover on account of a licensing, regulatory or contractual requirement?

Warranties and Indemnities Insurance

Provides cover for losses specifically resulting from inaccuracies in the warranties and indemnities provided by someone selling a business. The insurance is frequently used as a tool to remove transaction risk, allowing the buyer to extinguish the need to retain funds in escrow, allowing for cleaner separation from the seller.


Things you should consider:

What is the monetary, administrative and legal cost of directly claiming against the seller for a breach of warranties and indemnities?

Will purchasing this policy allow for a cleaner break from the seller;

Can you encourage the buyer to payout the full sale value at the point of sale, if there is a policy in place?

For more information please contact us

Charles Galayini
Head of Business Development
(02) 8274 8138charlesg@gsaib.com.au
Ryan Neary
Head of Financial and Professional Lines
(02) 8274 8140ryann@gsaib.com.au

Clients We
Work With.

We have been very impressed with the tailored approach GSA has adopted toward addressing our needs. They are small enough to deal with us individually, and big enough to have strong & influenced relationships in the industry. They have vast expertise that they use to our advantage.”

Glen Bourke
Hamilton Island
-
Chief Executive Officer

The Rockpool Bar & Grill Group appointed GSA Insurance brokers in 2013, and from the get-go GSA have been nothing short of professional and above all a pleasure to deal with. Working with GSA has been a true ongoing business relationship, and does not consist of speaking to them only once a year for premium renewals. The team have looked after us all the way - this could not be more evident than during a recent fire claim by Rockpool Bar & Grill Sydney. During this claim GSA had, within hours, assembled a team to make sure the claim was handled correctly and that we could be back up and running as soon as possible. We would have no hesitation in recommending GSA services to other prospective clients, and would be surprised if new clients do not experience the same level of satisfaction that we have since they have come on board.‍‍

Neil Perry AM and Trish Richards
Rockpool Bar & Grill Group
-
Directors

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