Financial Lines

Financial Services Insurance Policies

PSC McKenna Hampton offers a wide scope of insurance policies aimed at large companies and individual professionals to protect from potential litigation, claims and disputes. 

Professional Indemnity Insurance

Professional Indemnity Insurance protects against threats to your business or organisation in the form of potential claims and disputes. Litigation is not only expensive in terms of the cost of legal fees, but in terms of precious time taken to deal with legal issues leading to loss of productivity and profitability. It has the real potential to bankrupt businesses, small, medium or large.

Indemnity Insurance protects you and your business by providing cover for protection against claims for property damage, financial loss, or bodily/personal injury arising from an act, error or omission in the performance of your professional services. 

Indemnity provides peace of mind and reassurance that you’ll be able to carry on your business knowing that you’re covered against unforeseen events.

Who needs Professional Indemnity Insurance? Any kind of service or advice-based business including marketing companies, consultants, legal or financial services. Protect your reputation, your business and your future with Indemnity Insurance. 

Management Liability Insurance

Management Liability Insurance protects company directors and officers for legal liability they may incur personally in managing a corporation, it also extends to the corporation itself for certain types of claims. 

If you sit on the board of proprietary company then Management Liability Insurance is critical.

Company directors and officers may be exposed to claims brought against them by:

  • Statutory bodies (e.g. Australian Securities and Investments Commission (ASIC) actions, or WorkCover investigations)
  • Competitors (e.g. allegations of anti-competitive behaviour)
  • Shareholders (e.g. statutory derivative actions)
  • Employees (e.g. wrongful dismissal and harassment claims)
  • The Corporation itself (e.g. actions brought by a liquidator)

Directors & Officers Liability Insurance

Directors and Officers Indemnity Insurance protects directors and officers for legal liability they may incur personally in the management of a corporation. 

If you sit on the board of an incorporated entity you will need Directors and Officers Liability Insurance – this includes all private companies, incorporated associations, public companies and co-operatives. 

As a director or officer, you may be exposed to claims brought against you by:

  • Statutory bodies (e.g. Australian Securities and Investments Commission (ASIC) actions, or WorkCover investigations)
  • Competitors (e.g. allegations of anti-competitive behaviour)
  • Shareholders (e.g. statutory derivative actions)
  • Employees (e.g. wrongful dismissal or harassment claims)
  • The Corporation itself (e.g. actions brought by a liquidator)

Association Liability Insurance

Associations Liability Insurance provides protection to all types of associations against legal liability. Association Insurance also protects the association’s management, directors, office bearers, and committee members against legal liability that they may incur through their duties related to the association.

Most associations need insurance to protect themselves and their members:

  • Incorporated Associations
  • Not-For-Profit Organisations
  • Community Groups
  • Sporting Clubs 
  • Social and Cultural Groups
  • Industry Associations

PSC McKenna Hampton’s Association Liability Insurance policies contain several broad insurance coverage areas, all of which can be tailored to your association’s unique requirements.

Information Technology Liability Insurance

IT Liability Insurance protects businesses and organisations against legal liability arising from the failure of their products, services and/or advice in the conduct of their business. McKenna Hampton offers this coverage as a combination of traditional Product Liability Insurance but specifically tailored to the specific requirements and risks of the Information Technology industry. 

What kinds of businesses need IT Liability Insurance?

Any organisation or individual consultant that develops, manufactures, licenses, sells, provides, advises, integrates any form of Information Technology and related services is exposed to litigation, including:

  • Software and app developers
  • Electronic and telco manufacturers
  • Telecommunication providers
  • Internet service providers (ISPs)
  • IT and digital consultants
  • Web hosting service providers
  • Hardware/software resellers
  • IT maintenance and repair technicians

In addition to product coverage the IT Liability Insurance incorporates both Professional Indemnity and Public Liability into one insurance solution.

Cyber and Privacy Protection Insurance

Cyber and Privacy Protection Insurance covers critical risk areas in your business or organisation may now face with regards to the use and protection of business data, and also the use of digital media and other Internet communications channels. 

At PSC McKenna Hampton we provide access to Cyber and Privacy insurance policies to cover you and your business against cyber crime and the newly introduced data privacy legislation.

These insurance offerings include:

  • Privacy Protection: claims from a failure to keep data secure.
  • Breach Costs: Reimbursement of costs when data breach occurs.
  • Cyber Business Interruption: Compensation for lost/reduced revenue.
  • Cyber Liability: 3rd party claims as a result of content in email, on the intranet, extranet, Internet or website.
  • Hacker Damage: Reimbursement for costs to repair, replace or restore systems and data as a result of a hack.
  • Cyber Extortion: Payment of ransom demands, and specialist consultant fees, where a hacker holds, or threatens to hold your website, extranet, intranet, network, programs or data to ransom.

Want to know more about Cyber and Privacy protection? Read the PSC Summary or request a quote.

Medical Malpractice Insurance

Liability claims arising from alleged medical malpractice may arise at any time. Ensuring that you have the right insurance in place protects you, your practice and your patients from any resulting loss or injury.

For all doctors, specialists, other medical professionals and health administrators, Medical Malpractice Insurance is essential to reduce risks and protect individuals, organisations and patients. 

Contact us for more information.

Need help with your business or personal insurance?
Contact us today on 08 6142 0000 or email us at: info.perth@pscinsurance.com.au.

Please refer to our Financial Services Guide for information on our services and how PSC McKenna Hampton are remunerated.