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Five top tips for small business’ success in 2024

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As Australia grapples with inflation and rising interest rates, the economic forecast for the next year appears subdued. With the Reserve Bank projecting a mere 1.75% GDP growth by June 2024, small businesses are facing increased pressure to maintain profitability and sales margins.

In these challenging times, staying abreast of evolving business trends is paramount. Here are five trends that may assist small businesses in their growth strategy in today’s tight economic landscape.

1)      Adopting Automation: Leveraging technology to automate repetitive tasks previously handled by humans is key to enhancing productivity while managing costs efficiently. Small businesses can streamline operations such as marketing emails, booking processes, and accounts management through automation tools.

2)      Prioritising Customer Experience: In a saturated market, differentiation often hinges on the quality of customer experience. Businesses must focus on engaging customers throughout their journey with the brand. Investing in seamless interactions and personalised services can set small enterprises apart from competitors.

3)      Exploring AI Applications: The widespread adoption of artificial intelligence, exemplified by innovations like ChatGPT, presents opportunities for businesses to enhance efficiency. Whether it’s drafting correspondence, tracking industry trends, or summarizing data, integrating AI into operations can drive productivity gains across various sectors.

4)      Embracing Eco Friendly & ESG principles: With a growing emphasis on environmental sustainability, businesses are expected to prioritise Environmental, Social, and Governance (ESG) principles. Meeting consumer demand for eco-friendly practices not only benefits the planet but also strengthens brand reputation and attracts environmentally conscious consumers.

5)      Be prepared: The COVID-19 pandemic underscored the importance of business resilience and contingency planning. Small enterprises are learning from past disruptions and proactively prepare for future uncertainties. Anticipating potential challenges and having robust contingency plans in place can mitigate risks and ensure continuity of operations.

Safeguard your business with the right Insurance:

Amidst evolving business strategies, it’s crucial for enterprises to reassess their insurance needs to ensure the right insurance policies are in place to protect assets and operations. Insufficient coverage can pose significant financial risks in the event of accidents or incidents, hindering recovery efforts.

Looking ahead, as businesses adapt to changing market dynamics, collaborating with a trusted insurance adviser is essential for ensuring adequate coverage aligned with evolving risk profiles. By staying proactive and responsive to emerging trends, Australian enterprises can navigate economic challenges and position themselves for sustainable growth in 2024 and beyond.

Talk to one of our team about how you can optimise your insurance portfolio for the evolving business landscape.

The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Resilium Insurance Broking or one of our Authorised Representatives around Australia.


What are the global business risks for 2024?

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In the ever-evolving landscape of global business, staying ahead of potential risks is paramount for companies of all sizes. As we dive into 2024, the findings from the latest Allianz Risk Barometer shed light on the emerging trends shaping the risk landscape for businesses worldwide.

Cyber Incidents Take Centre Stage

Topping the list of worries for companies across the globe are cyber incidents, ranging from ransomware attacks to data breaches and IT disruptions. According to the Allianz Risk Barometer, cyber incidents have claimed the top spot for the third consecutive year, underscoring the critical importance of robust cybersecurity measures in today’s digital age.

The nature of cyber threats is evolving, with cybercriminals leveraging new technologies like generative artificial intelligence to orchestrate sophisticated attacks. The resurgence of ransomware attacks in 2023, coupled with a shortage of cybersecurity professionals, further amplifies the need for vigilance in safeguarding digital assets.

Business Interruption and Natural Catastrophes Remain Key Concerns

Following closely behind cyber incidents, business interruption retains its position as the second biggest threat in the 2024 survey. The interconnected nature of today’s global business environment highlights the importance of strong business continuity management practices and supply chain resilience.

Meanwhile, natural catastrophes have surged up the rankings to become the third biggest business risk, reflecting the record-breaking year of 2023 which was marked by extreme weather events and soaring insured losses. From wildfires in Greece to severe storms and flooding on the east coast of Australia, businesses globally are grappling with the impact of climate-related disasters on their operations and supply chains.

Bridging the Resilience Gap

While large corporations and smaller businesses share common risk concerns, the Allianz Risk Barometer highlights a widening resilience gap. Larger organisations, buoyed by heightened risk awareness post-pandemic, are actively investing in enhancing their resilience strategies. In contrast, smaller businesses often lack the resources and expertise to adequately prepare for a broader range of risk scenarios, prolonging their recovery efforts in the event of an unexpected incident.

Regional Variances and Emerging Risks

Regional differences also shape the risk landscape, with climate change emerging as a top concern in countries like Brazil, Greece, and Italy. The physical damage wrought by extreme weather events poses a significant threat to corporate assets, particularly in sectors like utilities, energy, and industry.

Additionally, political risks and violence have surged up the rankings amidst ongoing conflicts and geopolitical tensions worldwide. Societal polarisation, exacerbated by economic uncertainty and disinformation, is expected to fuel social unrest in many countries, posing challenges for businesses operating in volatile environments.

Looking Ahead

As we navigate the uncertainties of 2024, businesses must remain vigilant and proactive in addressing evolving risks. From bolstering cybersecurity defences to enhancing supply chain resilience and preparing for climate-related disasters, proactive risk management will be instrumental in safeguarding business continuity and fostering long-term growth.

Talk to a FIS Adviser for tailored insurance advice

The insights gleaned from the Allianz Risk Barometer serve as a valuable roadmap for businesses seeking to navigate the complexities of the modern risk landscape. Understanding how to mitigate these risks is the first step to being adequately prepared for the future.

Talk to one of our team for some trusted insurance advice designed to protect you and your business whatever the global risk climate.

About the Allianz Risk Barometer

The Allianz Risk Barometer is an annual business ranking compiled by Allianz Group’s corporate insurer Allianz Commercial, drawing on the insights of over 3,000 risk management professionals worldwide. Now in its 13th year, the Allianz Risk Barometer provides invaluable insights into the emerging risks and trends shaping the global business landscape.

The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Resilium Insurance Broking or one of our Authorised Representatives around Australia.

Running a business from home? Do you have the right insurance?

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The amount of people working on and running their businesses from home has grown out of site since the global pandemic began. With this have come stories in the press identifying that some businesses operating from home have had a number of claims declined simply because they had not disclosed they were running a home business to their insurer.

It’s important to know that if you’re running a business from home, do not assume that your home insurance will provide you with the coverage you will need for your business. This is because running a business from home carries risks that aren’t necessarily covered under a standard Home and Contents policy.

Indeed, in most cases, many home and contents’ insurance policies will exclude coverage for business assets, equipment, or stock, so it’s important to seek professional insurance advice to make sure you have the right coverage for both your home and your business.

What insurances do you need for running a business at home?

Every business is different and accordingly has different risks and exposures, but there are some business insurances that we would generally suggest are important to have in place when running a business from home, to make sure that you and your business are covered should things go wrong.

  • Business Interruption Insurance –how would you cope if your home business has to shut, even temporarily, due to factors beyond your control? Most business Insurance packages generally include ‘Business interruption’ as part of an overall solution and can provide broad financial protection for a range of small to medium-sized business types and occupations. It can help cover the costs associated with the repair or replacement of damaged property. It can also cover you for loss of gross profit following an interruption to your business, which was caused by an insured event, including fire or burglary.
  • Cyber Insurance –All businesses, large or small, can be the target of cyber-attacks. Cybercriminals can commit internet and computer crimes via social engineering fraud, phreaking, phishing, or other forms of cyber fraud with the intent to steal company or client data or money from your organisation or business. A Home and Contents insurance policy may cover the computer you use for business, but it will generally not cover such things as loss of data or the impact of a cyber breach.
  • Public Liability Insurance –Do clients, customers or delivery people visit you at home for business? If so, then you should consider Public Liability Insurance. Public Liability insurance essentially protects you if a visitor is injured, or if their property is damaged due to your business’ actions.
  • Products Liability Insurance – Product liability is where manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries or damage those products cause. Find out how Product Liability insurance can help.
  • Professional Indemnity Insurance –Professional Indemnity Insurance can generally protect you, your employees and your business from litigation and associated costs arising from potential errors and omissions in the execution of your professional duty.

Get professional insurance advice – talk to one of our insurance Advisers

You can count on us to understand our client’s businesses like they are our very own – understanding their potential risks and designing an insurance solution specific to their client’s individual circumstances.

Call us on 1300 360 283 for professional insurance advice.

The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Resilium Insurance Broking or one of our Authorised Representatives around Australia.

What are the Global Business Risks for 2023 and could they impact your business?

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In the recently released 2023 Allianz Risk Barometer report, ‘Cyber incidents’ holds its position at the top of the list, for the third time in the survey’s history, and is joined by ‘Business Interruption’ as the two biggest concerns for businesses this year.

Up high on the list of risks (up from #10 to #3 year-on-year), Macroeconomic developments such as inflation, financial market volatility and an expected recession, as well as the global Energy crisis (a new entry at #4), are the top risers in this year’s list of global business risks.[1]

Resilium Insurance Broking summarises Allianz Risk Barometer’s top ten global business risks report for 2023 and outlines how some of them might impact Australian businesses.

  1. Cyber Incidents

Given that cyber-crime is now estimated to cost the world economy in excess of $1 Trillion a year, it’s not surprising that cyber risk is such a major concern, as identified by the 2023 Allianz Risk Barometer research, with over 33 percent of respondents selecting Cyber as their greatest business risk.

With increasing incidences of Cyber ransomware attacks, data breaches and other major IT outages, Allianz’s research shows that companies seem to be more worried about the threat of a Cyber breach than business and supply chain disruption, natural disasters or the Covid-19 pandemic, all of which have heavily affected organisations in the past year.

The sheer frequency of cyber-attacks everywhere around the world remains high, with losses continuing to increase as criminals become more sophisticated in their efforts to extort more money, while the average cost of a data-breach is at an all-time high.

Find out how Cyber insurance can minimise the impact of a potential Cyber incident.

  1.  Business Interruption

Following another year of global supply chain disruption, Business Interruption ranks as the second most concerning risk. Indeed, a number of BI-related risks have climbed this year’s rankings, reflecting the economic and political consequences of the pandemic and war in Ukraine.

Businesses have become more vulnerable following recent macroeconomic turmoil and the war in Ukraine, which triggered shortages and price increases in energy, food and certain raw materials. The conflict has added further pressure to supply chains struggling with post-pandemic disruption and they are a long way from recovering.

Having Business insurances in place is one way to counter potential business risks and provide peace of mind that your business will still be able to operate if there is a disruption.

  1. Macroeconomic developments

At the beginning of 2022, many of us hoped for a continued global economic recovery after the Covid-19 crisis, but Russia’s invasion of the Ukraine soon cancelled out these hopes. The Allianz research suggests that 2023 is likely to be equally pessimistic, with Macroeconomic developments coming in at number three for the first time in over 11 years.

  1. Energy Crisis

The energy crisis arrives in the top 10 global risks for the first time at #4, as the world comes to terms with spiraling fuel costs, supply disruptions, rising inflation and the effects of Russia’s invasion of Ukraine. Even before the war in Ukraine, energy prices had been rapidly rising. The effect on Europe was felt much more severely than Australia however, given the EU’s dependence on imported, non-renewable energy sources – a quarter of all energy consumed in the EU came from Russia, including 40% of its natural gas [2].

  1. Changes in Legislation and Regulation

 Legislation ‘never sleeps’ with new rules and regulations continuing to multiply across all industries. This year will be no exception according to Ludovic Subran, Chief Economist at Allianz. “More and more new rules, standards, levies and sanctions will not bring the international flow of goods to a standstill, but they throw a spanner in the international division of labor, rendering it less efficient,” says Subran. “For many companies, the new regulations go hand in hand with a considerable amount of additional work. Reporting and compliance are increasingly becoming strategic functions within companies.”

  1. Natural Catastrophes

2022 was a horrific year as far as natural catastrophes across the globe. The risks of global warming and the pressure for businesses to act continue after insured losses from natural catastrophes continue to be above the 10-year average of $81bn, at $115bn [3]. Hurricane Ian, which struck Florida in September 2022, was the second costliest natural catastrophic event of all time, with an estimated insured loss of $50-$65 bn. In Australia, the floods across the east coast resulted in insured losses of around $4 bn[4] in 2022.

  1. Climate Change

This risk has dropped down the list of top 10 in importance year-on-year, most likely because the war in the Ukraine and other economic factors such as inflation and the energy crisis have taken centre stage, but the Allianz Risk Barometer results show that companies are still continuing to take risk mitigation action as far as climate change (ie switching to renewable energy sources, creating contingency plans for climate change-related incidents etc).

  1. Shortage of skilled workforce

Another result of the Covid-19 pandemic is a shortage of skilled workers, and this has been experienced across all countries. It is a considerable business risk given the significant reduction in an available workforce at a time of huge demand for new staff. A study by consultant McKinsey revealed that 40% of workers globally said they may consider leaving their current jobs, so businesses need to consider retaining their skilled staff and attracting new ones – a major challenge given how low the unemployment rate is in Australia. [5]

  1. Fire and Explosion

Fire risks are often well understood and typically well risk-managed, particularly in Australia where we have a dedicated ‘fire’ season. However, fire remains a significant cause of business interruption (BI) and supply chain disruption, especially where companies rely on third-party suppliers for critical components. Claims analysis by Allianz shows that fire is the largest single cause of corporate insurance losses, accounting for 21% of the value of 500,000+ insurance industry claims over the past five years.[6]

  1. Political Risks and Violence

2022 was another year of global instability, with conflict and civil unrest dominating the news, so much so that ‘political risks and violence’ ranks as a new entry in the top 10 global risks. In 2023 we can expect continued political unrest on many fronts (Russia, Ukraine, China, Taiwan, and Iran). The invasion of Ukraine by Russia in 2022 has intensified the risk landscape as economies around the world also contended with post-Covid recovery, inflation, rising interest rates and the rising cost of living.

Talk to a Resilium Adviser for tailored insurance advice

Understanding how to mitigate some business risks is the first step to being adequately prepared for the future. Talk to one of FIS Advisers who can offer professional insurance advice specific to your particular circumstances, and also offer solutions designed to protect you and your business from the unexpected.

The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Resilium Insurance Broking or one of our Authorised Representatives around Australia.


[1] Allianz-Risk-Barometer-2023-summary.pdf

[2] Allianz-Risk-Barometer-2023-summary.pdf

[3] Swiss Re, Hurricane Ian drives natural catastrophe year-to-date insured losses to USD 115 billion, Swiss Re Institute estimates, December 1, 2022

[4] Insurance Council of Australia, Insurance Council welcomes $800 million NSW Flood Resilience Package, October 28, 2022

[5] McKinsey & Company, The Shortlist, July 15, 2022

[6] Allianz Risk Barometer 2023 – Fire and explosion | AGCS

What are the top business risks for 2022?

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In the recently released Allianz Risk Barometer report, Cyber tops the list of business risks, as the greatest concern for companies in the year ahead.

Given the last few years with increased incidences of ransomware attacks, data breaches and other major IT outages, it’s perhaps not surprising Cyber is such a huge business risk.

Business interruption as a key risk comes in at a close second (42%), while Natural catastrophes rank third (25%), up from sixth in 2021. Climate change continues to climb to its highest-ever ranking of sixth (17%), while Pandemic outbreak has dropped to fourth (22%), no doubt thanks to the increasing popularity of vaccinations the world over.

While the annual global Business risk’s report suggests that Cyber takes the lead as a key business risk this year, the report also suggests that Business interruption will also be a key theme throughout 2022.

Here is a brief summary of the Allianz Risk Barometer’s top ten global business risks below and we outline some ways you can minimise some of your risks.

  1. Cyber Incidents

The main driver of Cyber reaching the number one position in the Allianz Risk Barometer report is due to the surge in ransomware attacks in 2021, which have included worrying trends such as ‘double extortion’ tactics, exploiting software vulnerabilities in supply chains, and the targeting of physical critical infrastructure.

With so many people working remotely, this in itself has also created opportunities for Cyber criminals to attack and create disruption.

Businesses need to take the threat of Cyber incidents seriously and put in place measures to minimise their cyber risk and consider other ways, including Cyber insurance, to minimise the impact of a potential Cyber incident.

  1. Business Interruption

While the research suggests the ongoing effects of Covid-19 and resulting disruptions are a great cause of concern for many businesses, the ‘most feared’ cause of business interruption are Cyber incidents. 2021 was a year that saw a rapid rise in ransomware attacks, as more companies shifted to working remotely, in turn creating gaps in IT security.

The ensuing business interruption for some businesses ill prepared or lacking in insurance coverage, resulted in a number having to close their doors due to the income lost and lack of finance to re-build.

Business insurances are one way to counter potential business risks and provide peace of mind that your business will still be able to operate if there is a disruption.

  1. Natural Catastrophes

Extreme weather events are becoming more frequent and severe the world over, so it is unsurprising that in 2021 insured catastrophe losses globally were well in excess of $100 billion – the fourth highest year on record.

In Australia, we had one natural disaster after another (bushfires and floods) while in the US, Hurricane Ida was one of the most costliest events of the year, such that ‘Natural Catastrophes’ jumped up three places in the 2022 Allianz report.

  1. Pandemic Outbreak

While the Covid-19 pandemic continues to be a concern for many people and businesses,  pandemic risk has actually dropped two positions in this year’s risk report compared with last year.

Many businesses have learned from 2020 and 2021 and put in place contingency plans and future preparations to mitigate the risks associated with the Pandemic (i.e. cloud-based technology to enable staff to work from home seamlessly).

  1. Changes in Legislation and Regulation

Legislation ‘never sleeps’ and despite many promises to reduce red tape, new rules and regulations continue to proliferate across all industries.

This year will be no exception, particularly in the areas of big tech and sustainability. Add to this the increased attention placed on environmental social and governance issues and this has resulted in new regulations leading to tougher disclosure and reporting rules for businesses.

  1. Climate Change

The risks of global warming and the pressure for businesses to act have all increased over the last 12 months. The Allianz Risk Barometer suggests that regulatory and legal risks associated with climate change are likely to increase in 2022, particularly for those businesses who haven’t yet begun looking for climate friendly and sustainable ways of doing business.

  1. Fire, Explosion

Allianz’s research reveals that between July 2013 and July 2018, the largest single cause of loss for businesses was fire/explosion (excluding wildfires), causing in excess of $15billion worth of damages during this period.

Interestingly, it’s not just the material damage of a Fire/Explosion that equates to the biggest losses – it’s more that a major fire or explosions can halt companies from operating and that such incidents are the most frequent drivers of Business Interruption claims.

Businesses should always have contingency plans in place should a Fire or explosion take place along with insurances to protect and safeguard them from additional business risks that come after the fire.

  1. Market Developments

Those surveyed for the Allianz Risk Barometer suggest that share market volatility is set to increase considerably in 2022 and that repercussions of the monetary turnaround are likely to be felt all around the world, with weaker emerging markets coming under strain.

While global growth is expected to remain relatively strong, with global output expected to increase by +4.1% in 2022, continued supply-demand imbalances could push inflation rates higher this year.

  1. Labour Shortages

Shortage of skilled labour is a new entry in the top 10 risks outlined by Allianz’s Global Risk report. ‘The great resignation’ is a phenomenon that has struck all around the world with managers trying to navigate and retain employees re-evaluating their careers and leaving their jobs in record numbers.

As a result, attracting and retaining skilled workers is becoming increasingly challenging with 69% of companies globally reporting talent shortages – that is the highest it has ever been in 15 years, according to a ManpowerGroup survey.

  1. Macroeconomic Development

Macroeconomic developments dropped down in the rankings for 2022. Allianz’s research confirms that 2021 was an extreme year on many fronts and that after the lockdowns, demand for goods and services exploded, overwhelming supply capacities and resulting in clogged supply chains, material and labour shortages, as well as rising prices.

What this means is that 2022 is unlikely to be much more stable, as Covid-19 is still not over and the constant changing between tightening and loosening restrictions may continue indefinitely. Supply chain tensions are likely to ease gradually, but a return to ‘normal’ trade flows will take time.

How we can help

Business risks can make or break a business. Understanding how to prepare for and mitigate risk is something we do every day for our clients. Contact us today for peace of mind that your business is adequately prepared for the future.

The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact us directly for personalised insurance advice.


[1] Allianz, Allianz Global Risk Barometer, 2022

[2] Resilium Insurance Broking, The top global business risks of 2022. Could they affect you?

La Nina alert – prepare and plan for wild weather this summer

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The east coast of Australia is currently being pounded by severe weather and it’s something we’re just going to have to get used to according to the Australian Bureau of Meteorology.

On October 11, the Australian Bureau of Meteorology released its outlook, upgrading the current weather conditions from La Niña ‘watch’ to La Niña ‘alert’. What this new alert status means is that the chance of a La Niña forming in the next few months has increased from 50% in September to 70%.

This early warning from the BOM is a great reminder to prepare for the inevitable severe weather conditions that are coming and to have plans in place to keep property and valuables protected.

What are the characteristics of La Niña?

  •  Increased rainfall across much of Australia
  • Cooler daytime temperatures (south of the tropics)
  • Warmer overnight temperatures
  • Shift in temperature extremes
  • Decreased frost risk
  • Greater tropical cyclone numbers
  • Earlier monsoon onset.

What can you do to be prepared and minimise risks?

November to March is nearly always one of the most volatile in terms of severe weather activity in Australia. As we approach the official summer months, take some time to consider what you’d need to do and how quickly you can respond if a severe weather warning like a flood, cyclone or severe rain takes place.

If you run a business, make sure your team knows where to go and what precautions to take should a severe weather event eventuate. The Australian Government’s Emergency Management team provides some helpful tips and advice on how to plan and prepare for a weather-related emergency.

In addition to your family, think about the other things that are important to you and how you would recover from their loss. Check your insurance is up to date, check any exemptions to cover and check whether the coverage you do have in place has enough ‘sum-insured’ to cover you should the worst-case scenario take place. A qualified insurance Adviser will be able to explain all the fine details of your insurance policy and point out any limitations or exemptions that may be in the fine print.

How can FIS help?

Insurance isn’t one size fits all and you want protection that suits your particular circumstances. FIS qualified Insurance Advisers don’t just place insurance – we assess your particular risks from all aspects to make sure you’re covered with insurance designed specifically for you and your individual needs. Call us today to find out how we can help.

Do I need Professional Indemnity Insurance?

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Professional Indemnity insurance, also known as PI insurance, provides insurance cover should any claims be brought against you by a client for errors or omissions in your professional service or advice.

In this increasingly litigious day and age, Professional Indemnity Insurance really is possibly one of the most important business insurances you can have. Indeed, Professional Indemnity Insurance can mean the difference between a business staying afloat and going under.

We would suggest that you consider Professional Indemnity Insurance if you:

• provide advice or offer a professional service
• handle data or any intellectual property
• are a professional, specialist or expert in your industry.

To provide some more clarity on this insurance, we’ve put together the following list of Professional Indemnity Claims that we’ve seen come through over recent years to illustrate just how vital this insurance can be for business professionals.

Professional Indemnity Insurance claims examples

General claims
• The losing or misplacing of confidential documents.
• Unintentionally sending an email to an unauthorised person, leading to a lawsuit for breach of confidentiality
• Using a copyrighted image or photo without having permission, rights to use or appropriate licence.

• Advising a client regarding their finances and taxes which results in the client becoming liable for costs with which they were not advised.
• Not performing a required audit.

Engineers and tradesmen
• Making an error in measurements that results in damage during or after construction and or additional costs to rebuild.
• Installing electrical equipment that is later found to be non-compliant with regulation, and in turn is required to be fixed/changed.

Estate agents
• A client claiming that their property was undersold after it is resold months later for 130% more of the previous price.

Interior designers
• Designing an office premises and the client suggesting that the layout was not in alignment with what had been agreed.

Marketing and Advertising professionals
• Designing a direct marketing campaign with brochures incorrectly addressed. The client claims damages for loss of potential revenue.
• Creating work using the wrong Branding/Pantone colour for a client’s logo, resulting in the client request for replacement work/collateral to be re-produced.

Quantity surveyor
• A surveyor forecasts the construction costs for a number of cafes at the start of each project. The client claims that the monthly and year-end costings and forecasts were inadequate and incorrect, making the contracts non-viable.

Safety consultants
• A person being injured after falling from builders’ scaffolding that a Safety consultant or Surveyor has permitted as fit for use.

Town planners
• Providing incorrect advice regarding the planning permission on a plot of land.

Travel agents
• Failing to arrange travel insurance for a client who falls ill while on holiday in another country, claiming expenses and medical bills.

If I get Professional Indemnity Insurance, do I also need to have Public Liability insurance?

We often get asked this question. Everyone’s circumstances are different, so the key difference between the two is that Public Liability insurance mainly covers you for bodily injury and property damage, while Professional Indemnity mainly covers you for professional service and advice provided to clients.

Another key difference between the two is that Professional Indemnity Insurance covers you for allegations made, regardless of when the professional service was provided. By contrast, a Public Liability insurance policy would cover you when the alleged incident occurs during the policy period, even if the claim is filed after the policy has expired.