When you run your own business, you have an increased amount of responsibility, especially as a small business you want to be able to manage and limit your exposure to risks as much as possible. Whether you’re a new immigration venture or a growing business, including insurance to protect your business should be something you consider as part of your risk management plan.
There’s no such thing as a one-size fits all insurance solution when it comes to protecting your immigration business, with no two businesses being the same. From overseeing visas to reviewing immigration documents and interviewing clients, the level of risk will vary from business to business.
The main part of your role as an adviser is to give professional advice to clients on all things immigration-related, something which comes with its share of risks. As society becomes more litigious and new regulations are continually implemented, there is a growing need to have the right insurances in place to safeguard you and your business.
If a client makes a claim against you, the related legal costs and time to defend the claim (not to mention the potential compensation payout if you are found liable) could be enough to cripple your business for good.
Here are some of the types of insurance an immigration adviser could consider to protect their business:
Professional Indemnity insurance*
Being an immigration adviser is a diverse role where no two days are ever the same. Managing the expectations of your clients can be demanding and the last thing you need to worry about is a Professional Indemnity claim.
Professional Indemnity insurance is important for protecting your immigration advisory business from a potential claim and is a form of coverage that is typically taken out by businesses that deliver specialist services or professional advice.
It is designed to respond to claims against your immigration advisory business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
Public Liability insurance*
Public Liability insurance is intended to provide protection for you and your immigration advisory business in the occasion a customer, supplier or a member of the public are injured (in circumstances that are not covered by the Accident Compensation Commission (ACC)) or sustain property damage as a result of your negligent business activities. A Public Liability policy will cover compensation payments and reasonable legal costs for insured incidents. If your business has employees, contractors or representatives who interact with clients, suppliers or members of the public (either at their premises or yours) then Public Liability insurance is an important cover to consider.
Business Interruption Cover*
A form of business insurance, Business Interruption cover is designed to cover you for loss of income and some of the increased costs of running your business as a result of interruption caused by events covered by your policy.
Your coverage may also provide additional cover for consequential lost profits and increased costs, such as temporary premises. Your policy may also include:
- Interruption caused by damage to a leased building you occupy
- Interruption of the supply of goods, services or utilities to your premises because of damage to property that would be covered under this Policy if you owned the property.
- Your book debts that you cannot recover because of destroyed records.
- Claim preparation costs.
Optional cover for natural disasters, including earthquake**
Material Damage cover*
Material Damage cover is a form of protection against the loss or damage to your property including your buildings, your contents and portable equipment. It can also cover loss of revenue or business interruptions caused by insurable events.
The policy will also automatically cover:
- Equipment breakdown
- Seasonal stock increase
- Stolen keys
Statutory Liability Cover*
New Zealand businesses are experiencing continual exposure to statutory fines and penalties for breaches of legislation. Businesses with directors, and those in managerial positions are being held more accountable and responsible for their actions within the workplace.
Statutory Liability insurance protects you, your immigration advisory business as well as your employees, including directors, trustees and managers, against unintentional breaches of many New Zealand Acts of Parliament. It provides coverage for the costs of legal representation involved with investigations for alleged breaches affecting commercial businesses, as well as defence costs, and fines or penalties payable following conviction for an offence under an insured statute.
Insuring your immigration advisory business
Arranging the right types of business insurance to protect your immigration advisory business and its risks doesn’t need to be complex. BizCover provides an easy quote system that will deliver you with quotes in minutes, so you can select the cover you want in a couple of mouse clicks.
*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.
**Cover for natural disasters is subject to the location of your business and is not available to all postcode areas.