Financial services businesses operate in a highly regulated environment, where professional advice, client obligations and compliance requirements all carry risk.
Barrack Broking works with financial planners, advisers, wealth firms and other Australian Financial Services Licence (AFSL) authorised businesses to structure insurance that reflects those exposures.
For many firms, professional indemnity insurance is not only a risk management consideration, but also a requirement under ASIC Regulatory Guide 126 (RG 126).
Financial services firms can face exposure across professional advice, regulation, cyber risk and business operations. Insurance is generally structured across several areas, depending on how the business operates and the services being provided.
A financial services insurance programme typically offers these core components:
Professional Indemnity
An important safeguard against any financial loss claims from allegations of errors, breaches, or omissions relating to your advice.
Management Liability
Protection for those at the top of your business from claims of “wrongful acts” such as employment practice disputes, statutory penalties, and the legal costs of defending regulatory investigations.
Read more about management liability insurance in Australia.
Cyber Insurance
Financial service firms hold sensitive personal data relating to their clients, which makes them vulnerable to data breaches and cyber attacks. This cover is essential for protecting your data and being cyber secure.
Public Liability
Your financial service operations can still be exposed to third-party risks such as injury or property damage within your workspace or during client visits.
Business Pack
A bundle of cover for the contents of your office, such as equipment and electronics, as well as protection if your office becomes unusable and the business is impacted.
The financial services risk profile is distinctive, and as a result, needs a bespoke approach for handling financial transactions and advice.
The below professions usually demand specialist coverage:
For many of the above professions, a compliant professional indemnity policy is a prerequisite to holding an AFSL licence under ASIC RG 126. Failing to adhere to the coverage requirements can lead to significant consequences for your business and directors.
You can find us across every major city and regional centre across Australia. We’re proud to function as a national service hub, offering you the comprehensive protection and principal-led risk advice and management you need to operate your financial services with confidence.
Insurance Brokers Sydney: Our specialist Sydney team provides professional indemnity and cyber risk managements for financial-advice services.
Insurance Brokers Sunshine Coast: Protecting local business on the Sunshine Coast through our principal-led coverage advice.
Insurance Brokers Brisbane: Queensland’s go-to brokers for mortgage and finance exposure management.
Business Insurance Broker Melbourne: For financial practitioners in Victoria in need of expert insurance strategies.
Insurance Broker Gold Coast: Reliable and tailored insurance solutions for the Gold Coast.
Insurance Brokers Adelaide: Dedicated team in South Australia to mitigate your professional and regulatory risks in the financial sector.
Insurance Broker Newcastle: Operating out of the Hunter region, our expert team is available to help you protect your advice-led financial services.
Insurance Brokers Toowoomba: Our experts in Toowoomba are your next go-to brokers for your finance sector exposures.
Insurance Brokers Bundaberg: Local practitioners expert risk partner in securing ASIC-compliant insurance.
Insurance Broker Cairns: From Tropical North Queensland, we protect the professional risks of local financial businesses.
Our clients rely on us for strategic advice and dependable support.
We’ve always have such a great experience with Barrack Broking. Our Account Manager, Dale is incredibly friendly, easy to deal with, and genuinely attentive to everything we need. Nothing ever
thanks again Dale and Barrack for making the insurance renewal process so smooth and timely yet again
Had a great experience with Barrack Broking – Insurance Brokers Brisbane. The whole process was smooth, professional, and easy to understand. A big shoutout to Amiel – absolute superstar. He
Competitive premiums offered. Great service going over and above. I have peace of mind knowing the insurance policies are looked after by a wonderful highly experienced team. Can not be
Excellent Communication, and provide great options and competitive Premiums. Just a pleasure to deal with. Highly recommend this team to any business owner.
Extremely attentive, took real time to understand the business and saved us a considerable amount on our premium – highly recommended
As all businesses operate in an uncertain world, Barrack Broking is dedicated to delivering strategy, ideas and certainty to protect your business.
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