Compare a range of business insurance quotes with Savvy for your migration agency.
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Migration agents work in a complex area where legislation is constantly changing. The legal advice and assistance that agents offer can be life-changing for not just one individual, but whole generations of a family. For this reason, it’s important to have good business insurance just in case something does go wrong.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about your migration business and the insurance you need and you’ll have multiple quotes from a range of respected insurers to compare instantly. Use our quick and easy comparison service to help you get the best value insurance for your business today.
There are several types of business insurance you should consider if you run a migration agency. These include:
Professional indemnity insurance
The greatest risks faced by migration agents relate to legal liability. Whether a client claims you incorrectly completed a visa application on their behalf or a disappointed client whose residency application is denied sues you, there may be a risk someone will hit you with a professional liability lawsuit. For this reason, professional indemnity insurance is a must for all migration agents.
Professional indemnity insurance can cover you against claims that the advice or service you provided was negligent or fell short of expected professional standards. Coverage starts from $250,000 for this type of insurance, but the amount of cover available can extend up to $10 million or more.
What it covers:
Public liability insurance
Public liability insurance is essential for any migration agent who has contact with the general public. It can provide cover against claims that your business activity caused injury to a member of the public or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage.
What it covers:
Cyber liability insurance
Cyber liability insurance is a type of insurance which is vital for anyone who collects and holds confidential or sensitive client information, including online businesses and migration agents who serve their clients remotely.
What it covers:
General business insurance
General business insurance may also be worthwhile if you run an office and wish to protect your building and contents. You may also consider commercial property insurance if you own your business premises.
What it covers:
What isn’t covered under business insurance for a migration agent?
The most common exclusions for the above types of insurance may include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.
However, in general, businesses in northern parts of Australia will have higher insurance costs than businesses in the southern or eastern states. Therefore, for example, the cost of public liability insurance in the Northern Territory for a migration agent will generally be higher than a similar business in Tasmania due to the risks posed by environmental factors in the northern regions.
You can find out exactly how much insurance will cost for your business by comparing quotes right here with Savvy. Whether you need insurance as a sole trader or a small business with several employees, you can consider a variety of offers from a selection of the leading insurance providers in Australia.
You need business insurance because however diligent and careful you are, life has a habit of throwing curveballs at us when we least expect it. Migration agents can be an easy target for a lawsuit if things go wrong, so the right business insurance will give you peace of mind knowing you’re protected.
You also need protection against unscrupulous cyber criminals. Consider what would happen to your business and its reputation if your computer system was broken into and your client’s sensitive information was stolen. Business insurance is there to protect you and your revenue stream continues should a covered event take place.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
