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Business Insurance For Migration Agents

Compare a range of business insurance quotes with Savvy for your migration agency. 

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, updated on August 1st, 2023       

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We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.

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. 

What types of insurance should I buy for my migration business?

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:

  1. Cover for your legal defence costs 
  2. Payment of compensation if there’s a successful claim against you 
  3. Payment of court-awarded damages to the litigant 
  4. Cover for the cost of disciplinary proceedings or investigations 

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:  

  1. Third-party personal injury claims 
  2. Damage to a third party’s property 
  3. Legal fees to defend yourself 

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:

  1. Data breaches including theft of client information 
  2. The cost of forensic investigation into the cause of the breach 
  3. Data recovery costs 
  4. Cyber extortion and denial of service threats 
  5. Crisis management costs 
  6. Advertising and communicating with customers 
  7. Legal costs including any fines and penalties imposed 

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: 

  1. Fire, storms, theft, vandalism and collision which cause damage to your business assets 
  2. Specialist cover for electronic equipment and other portable equipment  
  3. Limited business interruption insurance 

What isn’t covered under business insurance for a migration agent?  

The most common exclusions for the above types of insurance may include: 

  1. Injury to yourself or your employees 
  2. Flood damage 
  3. Glass breakage 
  4. Unlawful activity or criminal negligence 
  5. Reckless behaviour or intentional damage 
  6. Anything to do with asbestos 
  7. The effects of pollution caused by your business activity 
  8. Damage to computer hardware 
  9. The upgrading of a computer system unrelated to cybercrime 
  10. Power outages or failure of satellite or telecommunication services

How much does business insurance cost for a migration agent? 

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 state you work in  
  • Whether you live in a rural or urban area 
  • Whether you’re a sole trader, are in a partnership or run a larger business 
  • Your business size and turnover  
  • If you have any employees 
  • Your insurance history 
  • Whether you’ve made an insurance claim in the past five years 

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. 

Why do I need business insurance as a migration agent?

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. 

Types of business insurance

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Frequently asked questions about business insurance for migration agents

Do I have to show proof of business insurance to gain registration with OMARA?

Yes – under the Migration Act 1958, you will need to show proof that you have professional indemnity insurance to cover a claim for at least $250,000 before your application to OMARA will be accepted for review prior to approval.  

Does my professional indemnity insurance still cover me if I carry out pro bono work as a migration agent?

This will depend on the exact wording of the professional indemnity insurance policy you buy, so you should check the product disclosure statement for precise details to make sure you will be covered if you undertake pro bono work. 

Will professional indemnity insurance cover all the migration agents who work for my business?

It’s possible to get indemnity insurance for a migration business which also covers the employees who work for that business. However, you should always check the exact wording of the insurance policy you buy to make sure you have the coverage you need. 

What information will I need to make a claim?

The information you should have to hand when you contact your insurance company to make a claim will include: 

  • The name of the policyholder 
  • Your policy number and start date (which can be found on your Certificate of Currency) 
  • A detailed description of the incident (what happened to cause the damage or loss) 
  • Specific dates and times when the incident happened 
  • Contact details of any other parties involved (or witnesses to the event) 
  • Details of your police report number (if a crime took place) 
  • Details of the property lost or damaged (including its age and value) 
  • Your bank details for settling the claim 

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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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