Why do Migration Agents need insurance?

Imagine putting your whole life in a suitcase and moving to a completely foreign country? As a Migration Agent, you enable clients to do this every day. Your clients come to you to make one of their biggest dreams happen, but sometimes even the smallest miscommunication can quickly turn into a nightmare. This is why insurance is so important for Migration Agents, and why in Australia, all Migration Agents registered with the Migration Agents Registration Authority (MARA) are required to hold Professional Indemnity insurance.

Someone could make a claim against you for providing incorrect advice, errors on Visa applications, lodgement of documentation, or incorrect advice on migration issues. It is recommended that Migration Agents have Professional Indemnity insurance in order to provide their business with financial protection against claims arising as a result of their negligence or errors/omissions committed while providing their consultancy services. It is also a mandatory legal requirement in Australia for Migration Agents to hold Professional Indemnity insurance in order to provide consulting services.

Why Aon?

Migration Agents Insurance. Easy.

Easy to understand

Easy to digest information about what insurances your business needs and buy online
Or it’s an easy call to one of our experienced, friendly brokers on 02 6190 0958

Easy to Buy

Quick quotes available online
Purchase in just a few clicks
Options available to pay monthly

Easy to manage

Manage your renewals online and adjust your policy anytime you require, with a quick call
Request certificates of insurance quickly and easily
Aon can assist you in filing complex claims

Why choose Aon for Migration Agents Insurance?

When it comes to insurance for Migration Agents, there are a few options available to you, and deciding which ones you need might not be easy. Aon is committed to making life easier for you by arranging insurance that’s easy to understand, buy and manage, so you can get quotes and take out a policy online in just a few clicks. Or if you do need help, our team of friendly experienced brokers are a phone call away to help you understand what insurances you may or may not need, but more importantly, why. Helping give you confidence that you’re making a better decision for you and your business.

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Friendly, experienced brokers

Prefer to discuss before you buy? We are here to answer all your questions over the phone.

02 6190 0958

What insurance do Migration Agents need?

Professional Indemnity

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This is one of the most important forms of cover for your business. Professional Indemnity insurance includes cover in the event a client alleges your service or advice caused them loss. This could be as simple as a client alleging you left out key information which led to their visa being rejected.

Professional Indemnity is a mandatory requirement by the Office of the Migration Agents Registration Authority.

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Public Liability

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This may be a requirement for any business that deals with members of the public. It provides cover against claims where a client or a member of the public alleges your business activities caused them physical injury, or damage to their property.

For example, a client may trip over a loose wire while visiting your office and suffer an injury.

Public Liability through Aon is offered Professional Indemnity Insurance policy.

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Cyber Insurance

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Cyber insurance provides cover for financial loss suffered as a result of a cyber attack. This can include phishing, malware and ransomware.

In providing your service, you likely deal with some very sensitive information, and this data may make you a very lucrative target for cyber criminals.

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Business Insurance

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Business Insurance is designed to protect your business and its assets (including equipment) against certain unexpected events. For example it can include cover for damage to business premises and/or equipment caused by fire, storm, theft and other insured events. Cover is also available for damage to money (if you keep cash on premises), and portable contents such as mobile phones and laptops.¹

A key part of this policy is Business Interruption, which can provide protection for lost revenue in the event your business is unable to operate as usual due to an insured peril.

Business Insurance is made up of a number of cover sections, and you can choose the sections that relate to your business. Cover is also available for damage to money (if you keep cash on premises), portable contents such as mobile phones and laptops, and Public Liability.

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Management Liability

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As the owner of a business, you are responsible for making management-related decisions, including decisions about your company’s finances, about your employees, and about the general running of your business.

Management Liability is designed to protect you as a business owner and manager against allegations of mismanagement and actions brought by regulatory authorities.

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Cover benefits of Migration Agents Professionals Indemnity Insurance

Flexible Professional Indemnity cover limits
Choose a level of Professional Indemnity that suits you: $250k, $500k, $1 million, or $5 million with 3 reinstatements.¹

Public and Products Liability Automatic Cover
$10 million Public Liability and Products Liability cover.¹

Complimentary Run-Off Cover
You can be subject to claims for professional wrong-doing even after you retire, cease practising or sell your business. Run-off cover extends your insurance policy for up to 7 years after your business ceases, to respond to claims which arose while the business was operating.¹

FAQs

Frequently Asked Questions

Here are some questions commonly asked by Migration Agents.

Is it mandatory for Migration Agents to hold insurance?

Yes, it is mandatory for Migration Agents to hold Professional Indemnity Insurance. To be eligible to provide migration consultation and agency service in Australia, Migration Agents must hold a minimum level of Professional Indemnity insurance. As at September 2019, the minimum amount required is $250,000 under the Migration Act 1958 and Migration Agents Regulations 1998. Migration Agents must also be registered with the Office of the Migration Agents Registration Authority (MARA). Visit the Migration Agents Registration Authority website to understand your requirements.

Why do I need both Professional Indemnity Insurance and Public and Products Liability Insurance?

Professional Indemnity Insurance and Public Liability insurance are different types of cover. While there are some similarities, they cover different types of incidents. PI protects you against claims where clients allege the professional service or advice you provided caused them economic loss, whereas PL provides cover against claims alleging injury or damage arising out of your business activities.

They’re both policies which are important to hold as a professional, regardless of your business size or location. While only Professional Indemnity is mandatory by law to be held by Migration Agents, if you interact with members of the public, Public Liability should also be seriously considered.

I operate my business from home, what insurance do I need?

If you operate your business from home, you still need to ensure you have the right insurance to protect your business. At a minimum, Professional Indemnity should still be held as per normal. You may also need Public Liability if you visit clients in person, whether that’s at your home, your clients’ home, or out in public. It’s also a good idea to consider Business Insurance to cover your laptop & home office equipment.

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What if I retire or leave the profession?
Professional Indemnity insurance policies arranged by Aon are ‘Claims made and notified’ policies. This means that the policy only provides cover for claims made against you whilst the policy is in force (subject to policy terms and conditions). If the policy lapses, is not renewed or is cancelled, there is no cover available under the policy for claims made against you after that time.

If you plan to retire or leave the professional, you may need to arrange Run-Off cover. Run-off cover provides cover for claims made against you after your current Professional Indemnity policy expires. Run-off cover is NOT automatically provided; you must apply for run-off cover AND be accepted by your insurer in order to have run-off cover apply. If your policy is lapsed, not renewed or cancelled, and you have not applied for run-off cover, you may be uninsured for any claims made against you after your current policy expires, lapses or is cancelled.

For example if a client makes a claim against you for an act, error or omission due to that past work performed then the policy you have in place at the time of the claim, not the time of the work will respond.

Do I need to take out separate insurance to cover employees?
If you employ staff, you will need to take out Workers Compensation Insurance. You can speak to your state regulator about your needs as coverage and legislation varies between different states.

Do I need Cyber Insurance?
As a Migration Agent, you may hold sensitive information about your clients, such as their personal documentation, passports and other forms of identification. This type of information could make you a very appealing target for cyber criminals, so Cyber insurance is another type of policy to consider to protect your business. It can help cover the financial losses you incur following a cyber attack.

Why might I need Cyber Insurance?
If you use the internet for work, or if you store any client data electronically, you may need Cyber Insurance. This helps cover expenses and legal costs associated with a data breach, loss of client information or cyber-attack. Costs can include computer expert services, data recovery, ransom and legal costs.

If you’d like to discuss your insurance needs or if you are an existing customer, call us on 02 6190 0958 between 8.30am and 5:00pm, Monday to Friday (AET, except public holidays).

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Mon - Fri (except public holidays)

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au.professions@aon.com

¹Subject to full terms, conditions and limits of the policy. Please review the full policy wording for more information.

Professional Indemnity Insurance for Migration Agents is arranged by Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL 241141 (Aon) as agent for the insurer, Insurance Australia Limited trading as CGU Insurance, ABN 11 000 016 722 AFSL 227681. If you purchase this insurance Aon will receive a commission that is a percentage of the premium. Please let us know if you would like any further information.