Insurance for Immigration Advisers

Insurance for Immigration Advisers

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Why do immigration advisers need Business Insurance?

Helping your clients with their migration and immigration plans is an involved process which requires a great eye for detail and a strong knowledge of the industry. As an immigration advisor your clients put their trust in your professional skills to help them achieve their migration goals. But even when you take all the care in the world, innocent mistakes and errors can still take place when you least expect them.

When looking at options to help safeguard your immigration advisory business, business insurance is there to provide the support and protection when your business needs it the most.

Typical reasons an immigration advisor may need business insurance:

  • It may be a legal requirement to join and become a member of certain professional migration industry boards and bodies
  • Helps provide protection if a client claims a breach, negligence, or miscalculation for example of your professional advice and services
  • Provides protection against potential third-party claims for personal injury (when not covered by the ACC) or damage to their property
  • Protects important things like your business assets

Did you Know?

To be on the MARA list you will require a minimum of $250,000 Professional Indemnity (as at July 2017).

Insurance for Immigration Advisers

Insurance for immigration advisors is designed to protect against a whole host of different risks that you may face. Below are some of the typical types of business insurances you may need to consider.

Professional Indemnity Insurance*

One of the fundamental types of cover any immigration advisor needs to consider is Professional Indemnity insurance. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for
losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy. Below is an example of some of the other things your Professional Indemnity insurance may provide you cover for.

  • Civil Liability – the Insurer will pay on behalf of any Insured all Damages resulting from any Claim for any civil liability of the Insured.
  • Misleading or Deceptive Conduct – the Insurer will pay on behalf of any Insured all Damages resulting from any Claim for any Misleading or Deceptive Conduct of the Insured.
  • Intellectual Property – the Insurer will pay on behalf of any Insured all Damages resulting from any Claim for any Infringement.
  • Defamation – the Insurer will pay on behalf of any Insured all Damages resulting from any Claim for libel or slander committed by an Insured.
  • Lost Documents – the Insurer will pay on behalf of any Insured all Damages resulting from any Claim for the destruction, damage to, loss, erasure or mislaying of Documents by an Insured.
  • Defence – the Insurer has the right to defend any Claim which this policy may respond to under its Covers or Extensions. The Insurer shall pay Defence Costs incurred in defending such Claim
  • Disciplinary Inquires and Investigations – reasonable fees, costs and expenses incurred by or on behalf of the Insured in the investigation, defence, settlement or appeal of any complaint against the Insured by any statutory or professional body which has jurisdiction to inquire or adjudicate in any such matter.

Professional Indemnity insurance can help provide protection for potential risks like^:

  • Accidentally processing a client’s visa application incorrectly
  • Being negligent when informing your client about certain information involved in the immigration process resulting in a loss to your client
  • Incorrectly calculating certain related costs for the client involved with the immigration process
  • Lodging applications too late and missing key dates for the visa process

What is typically covered?

  • Damages and claimant costs awarded against the insured
  • Legal and defence costs
  • Claims investigation costs
  • Inquiry attendance costs
  • Public relations costs

What is typically NOT covered?

  • Intentional damage
  • Known claims and circumstances
  • Fraud and dishonesty
  • Bodily injury / property damage

Protect your business today.

Public Liability insurance*

A main part of your job as an immigration advisor is interacting with clients, whether it is from your office, home or out and about visiting them, there is a risk for things to potentially go wrong. This is where Public Liability insurance can provide peace of mind.

Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured (when not covered by the Accident Compensation Commission (ACC) ) or sustain property damage as a result of your negligent business activities.

What is typically covered?

  • Compensation for accidental damage to third party property
  • Compensation for personal injury or death to third parties where the ACC does not provide cover
  • Legal and defence costs

What is typically NOT covered?

  • Injury to your employees
  • Damage to your own property
  • Compensation for personal injury whereby cover is provided by the ACC
  • Known claims and circumstances

Business Insurance*

While your clients are your bread and butter when it comes to your immigration advisory business, take a moment to consider the other moving parts that go into keeping your business operating. There are things like your actual business premises (if you own it), your office furniture and equipment, and your vital client sales tools like your phone, tablet, laptop etc.

Not having your business assets there to help perform your daily duties makes it next to impossible to stay in operation, and that’s why it is important to have the right kind of business insurances in place to protect your business assets.

Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance policy can also cover your portable equipment, and loss of revenue due to business interruption in specified circumstances.

These are some of the different types of business insurance coverages you may need to consider when it comes to protecting your immigration advisory business.

Building*– Covers you for loss and damage to buildings you own, as a result of an insured event, e.g., fire, malicious damage.

Contents*-Cover for loss of or damage to items such as business equipment, stock, plant and machinery, records, fixtures and fittings and furniture belonging to you at the insured location.

Business Interruption*– Business interruption insurance provides cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is also designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).

Portable Equipment cover*– Covers you for loss and damage to your tools and equipment due to theft, fire and other perils listed in the wording, anywhere in New Zealand.

FAQs

How much does insurance cost for immigration advisors?

There isn’t a one price fits all when it comes to immigration advisors and the cost of your business insurance policy. Each business has its own unique factors which are taken into consideration by your insurer when calculating the cost of your insurance premium. An example of some of these factors include:

  • Your claim history
  • The type of business operations you perform
  • Your annual turnover
  • The number of staff
  • Level of cover

To receive an accurate idea of how much business insurance will cost for your immigration advisory business, have a chat to our friendly team to get a quote.

Do I need both Professional Indemnity and Public Liability insurance as an immigration advisor?

Professional Indemnity insurance and Public Liability insurance both cover very different risks that may impact your immigration advisory business.

Working on site or having clients visit you at your place of business makes Public Liability insurance an important form of cover to protect you against injuries or damage to third parties when not covered by the ACC.

Professional Indemnity insurance protects you against claims that may arise from a client who experiences a loss as a result of your allied health advice or services. For example, these could be claims for things like accidentally giving your client the incorrect advice or not completing a visa application form in time, causing a loss to your client.

Want more information?

If you would like to find out more about all things business insurance and small business-related topics check out our blog, full of useful resources- the perfect read for a tea break. Here’s one we’ve hand-picked to get you started

What does Professional Indemnity insurance cover?

One of the fundamental types of business insurance coverages, we share the ins and outs on all things Professional Indemnity insurance without the jargon in our simple guide.

* This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

^The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned.

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