Risk Management Consulting

Job Description

As a risk management specialist, you are responsible for understanding possible risks your client may face and provide adequate strategies to minimise losses resulting from such risks. However, there is a chance that things may go wrong as you provide your risk management services, and this is where insurance comes into play. Insurance that a Risk Management Consultant Needs Whether you are working independently as a freelance consultant or are running a company in Australia, you will need insurance for your risk management business to protect yourself from the threat of possible claims. There are two types of insurance solutions that you may require: Professional Indemnity Insurance With Professional Indemnity (PI) insurance, you have protection from claims made by third parties who may have suffered a financial loss as a result of your failure to provide adequate risk assessment and management services. The coverage provided by this insurance includes the legal defence costs as well as possible compensation required to settle the matter following breach of a professional duty. Risk management specialists can make incorrect risk assessments and provide bad advice or inadequate strategies, resulting in losses to their clients. In the event a claim is made against you, you may rely on your PI policy to cover you. Public Liability Insurance Public liability insurance (PL) protects you from disputes made by third parties who may have suffered property damage or personal injury while you are providing your risk assessment and management services. Events where the risk of claims may arise often involve negligence. Regardless if you or your team have committed a neglect act, even if it’s only an allegation, you may count on your public liability policy to take care of the financial costs of dealing with the claim. This may also include the repair or replacement of damaged third party property. Why Do Risk Management Consultants in Australia Need Insurance? As risk management consultancy business owner , here are some key insurance products that you need to consider for sufficient financial protection. Provides access to some of Australia's top legal firms in the event of a claim. May restore your reputation, as many professional indemnity policies extend to include Public Relations Expenses as a result of an alleged professional breach. Allows you to focus on running your business, whilst the insurer and their lawyers manage the claim. Protect your business and reputation today Providing Risk Management services and solutions can be complex business where things can potentially go wrong. With a thorough understanding of the insurance market, FD Beck’s access to its network of Australian insurers has allowed us to develop insurance solutions that will provide you with suitable protection. 1. What is the range of professional indemnity insurance cover that I need? In general, a professional in risk management consultancy will need between $500,000 and $5,000,000 of protection. When deciding upon the right limit for your business you need to consider several factors, including the size of your business, the nature of your work, and any insurance or indemnity clauses including contracts you may be signing. Know how much you need using this guide. 2. Do all Risk Management Consultants require professional indemnity insurance? A consultant working in risk management or any other industry that offers professional advice needs a PI insurance policy. Whilst PI insurance may not necessarily be compulsory or a legal requirement in Australia, it’s our absolute recommendation for professionals who charge a fee for their consultation services. Before deciding to buy a PI insurance, review these things to help you understand your risks better. 3. Is it possible for you to create an insurance package tailored to my budget? Yes, it is possible. If you have a certain budget for risk management insurance, get in touch with our qualified insurance brokers. We value your requirements which is why we’re available to discuss what you need. It is likely you will need to bundle your PI insurance with public liability insurance, so knowing what public liability covers may also help. Consultants We Offer In Insurance Coverage #J-18808-Ljbffr