Are you looking for more information on the topics listed below? You can find more information under the Associations and Buying Groups section of the website. Either click on the button above or click on the topic that is relevant to you to find more information about what we offer.
Our Professional Liability Division offers expertise in the following insurance classes:
- Professional Indemnity Insurance
- Directors and Officers / Employment Practices Liability Insurance
- Management Liability
- Medical Malpractice Insurance
- Crime / Fidelity Insurance
- Information Technology Packages
- Associations and Non Profit Organisations
Our client base is broad and includes:
- Leading financial institutions
- Health Professionals, including psychologists
- Building Practitioners including designers, architects, engineers and surveyors
- Solicitors
- Accountants
- Mortgage and Finance Brokers
- Information Technology companies
We currently service and manage over 2000 professional clients.
We have on staff the cream of Victoria’s specialist professional risk brokers. Innovation, service, and market knowledge are the core essentials on which our staffing has been built and consequently this division of our company continues its massive grow with an extra-ordinary demand for their unique services and knowledge.
Professional Indemnity insurance protects a professional from financial loss, injury or damage arising from a mistake or failure by the professional to exercise the required level of skill. This may mean that an award is made in favour of a person who suffers a loss, damage or injury. A professional may also be held to be liable for a mistake even though there was no negligence.
Therefore, if a professional holds themselves out as having a special skill, which can be relied upon by another, they should consider Professional Indemnity Insurance as crucial.
Note that for certain occupations an appendums is required to be completed in addition to the standard IH Professional Indemnity application form. Please click on the appropriate profession to download the relevant application.
Also note that IHG has several industry and association schemes (see under Association or Buying Groups) where specific scheme arrangements are highlighted. These applications are short form and easy to complete.
Increasing corporate governance and regulatory surveillance is placing greater pressure on company directors and officers to perform meticulously.
Directors and Officers Liability Insurance is designed to protect the personal assets of directors and officers by providing indemnity for loss arising from a claim as a result of a 'wrongful act' committed by them in the course of performing their duties.
For many private businesses, a Management Liability policy will be better suited to their needs. We suggest that if you are a director or manager of a private “Pty Ltd” company then you should check the information below for this class of cover. Management Liability is designed for this type of company as it incorporates a number of benefits not normally included under a traditional D&O policy.
Employment Practices Liability Insurance is purchased by a company to protect against claims made by employees. Employers owe a duty of care to employees to ensure the workplace is fair and equitable for all. Actions taken by employees against employers for alleged discrimination, unfair dismissal and sexual or workplace harassment are increasing.
Information Technology Insurance has been specifically designed to meet the insurance needs of the IT Industry. The issue of software as a product or as a professional service can result in both the professional indemnity and products liability insurers arguing about who is responsible for a claim. In response to this problem the industry has developed a specific product combining professional indemnity, public liability and products liability to best protect the IT professional.
Association Liability Insurance is purchased by non-profit organisations to protect the Office Bearers and employees. Generally this is a combined policy covering both:
(a) Professional Indemnity Insurance for allegations of incorrect professional advice and
(b) Directors and Officers’ Liability insurance for allegations of wrongful acts by the Office Bearers in the management of the business.
Associations, non-profit organisations and their officers are increasing being confronted by expensive litigation. Insurance cover to protect against this risk can now be considered essential.
Medical malpractice insurance is a unique cover responding to the nature of the bodily injury exposure to third parties by health professionals and costs associated with statutory and regulatory inquiries.
This area is one of the fastest growing areas of the professional risks insurance sector. Medical litigation continues to grow whether it be beauty treatments, psychologists, massage therapists or heavier occupations involving surgeons, hospitals and the like.
There are very few insurance brokers who have any knowledge in this area and IHG is fortunate to have several experts in this field with extensive medical malpractice backgrounds.
A recent Australian survey conservatively estimated that $104 million had been lost to fraud in 1997.The financial services sector, along with the manufacturing sector, reported the greatest total losses to fraud. Most frauds are perpetrated by employees. Poor internal controls and management override of controls along with collusion, either between employees and management or with external parties, are all considered to be significant factors in allowing frauds to occur. In addition, rapid technological expansion presents ever-changing opportunities and methods for computer criminals to perpetrate fraud upon financial institutions.
Appropriate internal controls and policies must be implemented in order to deter fraud. A comprehensive risk management program is imperative in preventing fraud but it is incomplete without appropriate insurance protection.
