Targeted Insurance Solutions is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd. AFSL No. 240549. Corporate Authorised Representative No. 441426. Visit the Insurance Advisernet website

Targeted Insurance Solutions is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd. AFSL No. 240549. Corporate Authorised Representative No. 441426. Visit the Insurance Advisernet website

General Insurance

Cyber Insurance

Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks.

What is it?

Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks. Many business owners don’t fully understand how their business could be attacked. While others think they don’t have a cyber exposure at all, due to their industry or size. The reality is anybody who collects data or uses a computer with the internet is at risk. Something as simple as an employee clicking on the wrong link, sending an email to the wrong person or using a corrupted website could leave your entire system exposed. Cyber Insurance is one of your best forms of defence.

Government estimates suggest cybercrime costs the Australian economy more than $1 billion every year with nearly half of these attacks focused on SMEs, simply because of their vulnerability. Of those that are attacked, approximately 60% will close their doors within six months as a direct result of the data breach.

Notifiable Data Breaches Scheme

The Notifiable Data Breaches Scheme came into effect in early 2018 and places added compliance pressures on business owners. It is now mandatory for any qualifying business to notify a cyber breach to all affected parties, as well as the Australian Privacy Commissioner. This legislation is applicable to Australian Government agencies, businesses and not-for-profit organisations with an annual turnover of $3 million or more, credit reporting bodies, health service providers and TFN recipients, among others.

What it covers?

There are many types of Cyber Insurance now available. Some of the key inclusions to look for are listed below.

First Party Loss  

  • Incident response costs 
  • Business income loss 
  • Data restoration  
  • Breach response costs 
  • Notification costs 
  • Legal defence costs 
  • Cyber extortion 
  • Regulatory fines and penalties 
  • Payment Card Industry (PCI) fines, penalties and assessments 
  • Cyber reputational harm 

Third Party Loss 

  • Security and Privacy Liability
What can you do right now?

To fully protect yourself and your business, the first steps are to focus on risk management and awareness within your organisation. Simple things such as developing a strong password policy, conducting regular training about cybersecurity, updating IT equipment and security software and creating an incident response plan are essential. The other critical step is to take out an appropriate level of cyber risk insurance.

Speak to us today about tailoring a Cyber Insurance solution for your business.

Professional Indemnity Insurance

Professional Indemnity (PI) Insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, doctors and architects. Essentially, anybody providing advice or consultancy services for a fee has an exposure that needs to be considered..

What is it?

Professional Indemnity (PI) Insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, doctors and architects. Essentially, anybody providing advice or consultancy services for a fee has an exposure that needs to be considered. Even something as simple as providing casual advice about the use of a product, for example, could leave your business exposed.

What does it cover? 

Imagine if you accidentally breached your client’s privacy or confidentiality, missed out important information, made an error or provided incorrect advice. Any of these simple oversights could lead to a claim against your business, making it vital to protect yourself, your business and your reputation. 

Another important consideration is the potential legal costs associated with defending any claim or allegation. The court and legal fees are often underestimated and it can be especially difficult to fund this element of the claim, whilst also trying to keep your business running as normal. 

Amongst other risks, PI Insurance typically covers: 

  • Breach of duty – includes privacy related issues 
  • Defamation 
  • Breach of consumer, competition and fair trading 
  • Loss or damage to important documents 
  • Infringement of intellectual property 
  • Public relations costs – to assist with any reputational damage following a claim against your business 
  • Claim investigation costs – costs of investigating, defending and settling a claim. 

Speak to us today about tailoring a PI Insurance solution for you and your business.

Management Liability Insurance

Many small and medium-sized business owners think they don’t need Directors & Officers (D&O) Insurance as it’s only relevant to large multi-national companies. However, D&O insurance is just as important to SME’s as any other business.

What is it?

Many small and medium-sized business owners think they don’t need Directors & Officers (D&O) Insurance as it’s only relevant to large multi-national companies. However, D&O insurance is just as important to SME’s as any other business.

What does it cover?

D&O Insurance protects the personal assets of business owners and managers who run companies, as they are personally liable for any decision, action or inaction they make within the business.   

Whilst your senior management and executives may make honourable decisions and actions, mistakes can still happen. Even if the individual in question has not acted improperly, the cost of investigating and then defending an allegation, which could prove to be unfounded, can be many thousands of dollars. It can also divert large amounts management time and effort, distracting them from their core business focus. 

D&O Insurance gives directors, managers and officers, both past or present, the peace of mind knowing they’re insured against legal costs as well as any penalties or damages that may result from a claim or investigation. 

Typical claims that can be covered under these policies include HR and employment issues, breach of contract, decisions that exceed their authority, misrepresentation, inaccurate reporting, regulatory and legal non-compliance. 

As a matter of course, directors, managers and officers usually make these types of decisions daily, so it pays to ensure they’re fully covered if any regulatory or legal claims or investigations are made against them.

Management Liability

One option to consider is a Management Liability (ML) policy. This packaged policy is designed specifically for SMEs to protect the individual directors and officers, as well as the company in relation to the exposures of managing a company. 

The key elements of ML cover include:  
  • Directors & Officers Liability  
  • Company Reimbursement  
  • Employment Practices Liability 
  • Crime  
  • Statutory Liability 
  • Trustees Liability 
  • Internet Liability 
  • Kidnap, Ransom & Extortion

We are ideally placed to discuss your specific business situation with relation to this type cover. History for many businesses shows it’s a conversation well worth having.

Directors & Officers Insurance

Many small and medium-sized business owners think they don’t need Directors & Officers (D&O) Insurance as it’s only relevant to large multi-national companies. However, D&O insurance is just as important to SME’s as any other business.

What is it?

Many small and medium-sized business owners think they don’t need Directors & Officers (D&O) Insurance as it’s only relevant to large multi-national companies. However, D&O insurance is just as important to SME’s as any other business.

What does it cover?

D&O Insurance protects the personal assets of business owners and managers who run companies, as they are personally liable for any decision, action or inaction they make within the business.   

Whilst your senior management and executives may make honourable decisions and actions, mistakes can still happen. Even if the individual in question has not acted improperly, the cost of investigating and then defending an allegation, which could prove to be unfounded, can be many thousands of dollars. It can also divert large amounts management time and effort, distracting them from their core business focus. 

D&O Insurance gives directors, managers and officers, both past or present, the peace of mind knowing they’re insured against legal costs as well as any penalties or damages that may result from a claim or investigation. 

Typical claims that can be covered under these policies include HR and employment issues, breach of contract, decisions that exceed their authority, misrepresentation, inaccurate reporting, regulatory and legal non-compliance. 

As a matter of course, directors, managers and officers usually make these types of decisions daily, so it pays to ensure they’re fully covered if any regulatory or legal claims or investigations are made against them.

Management Liability

One option to consider is a Management Liability (ML) policy. This packaged policy is designed specifically for SMEs to protect the individual directors and officers, as well as the company in relation to the exposures of managing a company. 

The key elements of ML cover include:  
  • Directors & Officers Liability  
  • Company Reimbursement  
  • Employment Practices Liability 
  • Crime  
  • Statutory Liability 
  • Trustees Liability 
  • Internet Liability 
  • Kidnap, Ransom & Extortion

We are ideally placed to discuss your specific business situation with relation to this type cover. History for many businesses shows it’s a conversation well worth having.