A Compliance Consultant focuses on connecting customers' business to the ever-changing regulatory environment, and their clients can include compliance, audit, legal and risk functions in financial services, law firms, accounting firms, regulators, insurance, energy and other industry groups undergoing regulatory change.
Why do Compliance Consultants require professional indemnity insurance?
The basic duties of Compliance Consultants are:
- In-house training to compliance and anti-money laundering employees
- In house training to senior management and customer facing employees of financial institutions
- Develop and continuously review online training content and ensure there are relevant courses covering each jurisdiction affecting the firm
- Writing and reviewing compliance and manuals and other related documents and procedures
- Review of regulatory business plans, and writing/reviewing regulatory applications
- Building Compliance monitoring systems
- Reviewing a firms workflow and processes to ensure compliance with the law
- Provide corporate governance, risk and compliance framework in line with international best practice standards
Compliance Consultants can make mistakes by giving erroneous or misleading advice to their clients, which can in turn lead to a claim against them. The cost of defending a claim can be significant and having a Professional indemnity Insurance policy in place can financially protect Compliance Consultants, covering both their legal defence costs and civil damages.
Public Liability Insurance for Compliance Consultants
If you or any of your employees visit a customers premises your actions could cause an injury to another person. Similarly, if an accident happens whilst a member of the public comes to your place of business and they are injured you could be held liable. Public Liability Insurance protects you in the event that such accidents occur and a claim is subsequently made against you.
Public liability insurance also covers you if damage is caused to third party property while at the customers business. An example would be if an employee broke a valuable item while making a delivery at a customer's home. The claim to replace the item would be covered by public liability insurance.
Key exposures for Compliance Consultants:
- Designing an ineffective communication strategy
- Giving Incorrect Strategic advice
- Copyright infringement/insider trading/plagiarism
- Conflict of interest
- Improper fact verification and/or lack of careful research
- Claims as a result of disciplinary action against the insured due to information released or not released in time
- Employee dishonesty - employees selling confidential information to other firms
- Invasion of privacy, libel, defamation, breach of confidentiality
- Electronic theft of records and confidential information or unauthorised access
Why purchase your Professional Indemnity Insurance through Express Insurance?
With Express Insurance, you can source a PI quote in seconds, and have the option of adding Public Liability Insurance. You can then proceed to buy the insurance and produce your Certificate of Insurance in minutes, or alternatively save the quote back to your email account for buying later.
And we save your details on Renewal of your insurance, making the process of renewing your PI Insurance even easier and quicker.
Throughout your experience with us our team of highly experienced PI specialists are a phone call away!
Please Note: Coverage under the policy will be subject to the particular circumstances relating to a claim and the full terms and conditions of the policy.
PI premiums are determined by your Turnover and PL Premiums by the number of staff under your employ. All insurers charge a minimum premium in both respects.
We believe we have negotiated highly competitive premiums for both classes of insurance, and will continue to monitor premium levels available in the market to ensure this remains the case.
Premiums vary between states as a result of differing stamp duty rates, however our minimum Total Premiums for Professional Indemnity start from $602 (incl. GST).
From a compliance perspective and for your own protection you should have a minimum level of Professional Indemnity(PI) insurance. In the event that the services you provide for a client lead to a claim against that client they will generally look at claiming against the provider. PI insurance will protect you in the event that this occurs.
We have designed the Insurance application process so it only takes an average of 5 minutes to complete your application. In most cases your application will be instantly approved online, and you can print your Confirmation of Insurance to prove that you have the requisite cover in place... It's that easy!! All other documentation, such as your tax invoice, policy schedule and wording will be emailed directly to you for your records.
If the policy can't be issued immediately because we require further information, we will contact you generally on the same day.
Approximately one month prior to the renewal of your policy you will receive a renewal reminder email with a link that will allow you to review your previous years cover and renew the policy even quicker!
* We have minimized the number of referral situations so that most applications will be automatically accepted. However, if for example you have prior claims we will contact you to facilitate completion of your application personally with the Insurer.
Your Insurance policy is arranged by Express Insurance acting as an agent of Berkley Insurance Australia, a registered business name of Berkley Insurance Company (ABN 53 126 559 706) and part of the W.R.Berkley Corporation.
Berkley Insurance Australia underwrites a significant portfolio of general insurance business in Australia. They are fully authorised and regulated by the Australian Prudential Regulator Authority (APRA) which is the prudential regulator of the Australian financial services industry.
The financial strength rating of Berkley Insurance Australia is "A+ (Strong)" by Standard & Poor's.
For each policy completed online we make a donation to Skin & Cancer Foundation.
About Skin & Cancer Foundation
The Skin & Cancer Foundation Inc is a not-for-profit, DGR registered, organisation which provides specialist treatment, education and research for a wide variety of skin disorders, skin cancers and melanomas.
We will work with you to ensure that claims are handled in a professional manner and that you get a fair outcome from the Insurer. The first step is to lodge your claim as outlined below.