BIA's New Combined Indemnity and Liability Insurance Now Available
Streamlined Coverage for Professionals Through Steadfast Platform
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
Berkley Insurance Australia (BIA) has announced the launch of a combined professional indemnity (PI) and public liability (PL) insurance product, set to be available from June 1 through the Steadfast Client Trading Platform (SCTP).
This initiative aims to simplify the insurance process for brokers and their clients by offering a unified policy that addresses both professional and public liability risks.
The new combined product will be accessible for both new and renewing policies, expanding BIA's existing offerings on the SCTP, where it currently serves as a primary market for professional indemnity insurance. By integrating PI and PL coverage into a single policy, BIA seeks to reduce administrative complexities and potential coverage gaps that can arise when managing separate policies across different insurers.
Key benefits of this combined policy include expedited processing times, localised support, competitive commission structures, and high coverage limits. BIA emphasises its commitment to supporting brokers within the Steadfast network and indicates that further product developments are under consideration to enhance service delivery.
For brokers interested in this combined offering or seeking access to SCTP resources, BIA encourages direct engagement with local underwriters or visiting the insurer's website for more information.
This development aligns with BIA's broader strategy to streamline risk solutions for intermediaries, reflecting a proactive approach to addressing the evolving needs of professionals seeking comprehensive and efficient insurance coverage.
Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.
Recent industry reporting on ASIC’s continued attention to product governance is a useful warning for Australian professionals who help design, recommend, distribute or review financial products. While design and distribution obligations are usually discussed as a licensing and compliance matter, they can also create a professional indemnity exposure when advice, documentation or oversight falls short. - read more
Recent insurance market commentary has again highlighted a growing challenge for Australian professional service firms: cyber incidents are no longer just an IT problem. When a system outage, data handling error, failed implementation, software defect or poor security recommendation causes a client financial loss, the dispute can quickly move into professional indemnity territory. - read more
Fresh small business finance reporting has put insolvency and cash-flow pressure back near the top of the risk agenda. While headlines often focus on company failures, tax debt, late payments and tighter household spending, the professional risk message is broader: when clients are under financial strain, expectations harden and disputes can escalate quickly. - read more
Fresh industry attention on ASIC’s internal dispute resolution data has put complaint handling back in the risk spotlight for financial services firms, advice practices and the businesses that support them. While IDR reporting is often viewed as a compliance obligation, it can also reveal the early stages of a professional indemnity exposure: a dissatisfied client, a disputed recommendation, a delayed response, an alleged error or a breakdown in communication. - read more
Fresh industry attention on ASIC's expectations for compensation arrangements is a timely reminder that professional indemnity insurance should not be treated as a once-a-year renewal task. For Australian professionals who provide advice, compliance support, financial services, consulting, design, technology or outsourced business services, the adequacy of cover depends on how closely the policy matches the work actually being performed. - read more
No comments yet. Be the first to share your thoughts.