Finance Brokers

A Snapshot of Services We Assist

Key Finance Brokers Risks and Exposures

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Professional Indemnity

The insured’s professional liability exposure varies depending on the nature of the service and type of clientele that they service but in general exposure will be significant in that the insured’s staff will be involved in intermediating and advising on financial transactions and the cost to the client or errors or mistakes could be significant. Some of the more common sources of claims include:

• Breach of professional duty of care (e.g. failure to correctly establish client needs, failure to take into account market trends or information available;
• Wrongful advice in relation to finance brokering operations;
• Negligent acts, errors or omissions (e.g. in data processing, paperwork or in documenting client decisions);
• Unintentional infringement of intellectual property rights;
• Loss of documents or data entrusted to the insured (particularly that with financial value); (e) unintentional breach of confidence, privacy legislation or misuse of information;
• Unintentional breaches of the Trade Practices Act or specific regulation (e.g. Corporations Law and the specific requirements set by Australian Securities and Investments Commission (ASIC))  
• Breaches of Data Protection/Privacy legislation.
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Cyber Risks

• Businesses are becoming more and more dependent on digital technology/integrated IT systems;
• Security/privacy breach – presence of large volumes of sensitive personal and corporate data/presence of digital files and databases;
• External hacking attacks, internal negligence, deliberate acts, system glitches etc.;
• Electronic data/software loss and replacement cost following a cyber-attack;
• Electronic media liability – including invasion of privacy, infringement of copyright, title, slogan, trademark or service names including domain names, false advertising etc.;
• Business interruption/increased in cost of working following a cyber-attack;
• Businesses held to ransom before systems are released;
• Privacy breach – accidental distribution of customers personal information in a mass email;
• Cyber-threat from interconnected supply chain business partners/outsourced services providers;
• Internal control and other issues – e.g. non-segregation of sensitive data, inadequate user access control/password protection, outdated POS software applications, absence of up to date antivirus software/firewalls, unencrypted data/information/lack of end-to-end encryption;
• Possible presence of older devices/computer systems with outdated operating systems and unsupported software;
• Inadequate training for employees on data security/privacy/cyber risk. No or inadequate background checks conducted on employees/various service providers/suppliers etc. Possible presence of higher numbers of temporary staff in the industry;
• Compliance and control issues – no or inadequate policies, procedures and protocols on cyber security and related matters (if applicable);
• Bring your own devices (BYOD), download and install personal, or unauthorised software, use of USB or other media devices;
• Extra expenses following a cyber incident including forensic investigation costs, crisis management expenses, notification and monitoring expenses, remediation expenses and other extra expenses associated with a loss;
• Brand and reputational damage following a cyber-attack/data breach;
• Security lapses in company web-sites – cyber threat to own hardware and software. Cyber threat to visitors of the website;
• Lack of security measures including a combination of technology (e.g. IT security) and physical security at the premises.

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Why use Hunter Broking Group?

‍Finance Brokers Insurance Broker Brisbane:

Hunter Broking Group can assist with Finance Brokers Insurance. Through industry specific insurers, your designated advisor has access to a comprehensive range of insurance products that are tailored to suit most business finance and equipment finance operations. We can arrange insurance for various segments in the Finance Broking industry including:

• Arranging Loans For Others – On A Commission Or Fee Basis
• Finance Broking Or Arranging Finance For Others
• Finance Consultant Service
• Home Loan Sales – Arranging Home Loans For Others
• Home Loan Sales – On Commission On Behalf Of Lenders
• Business Finance
• Equipment Finance
• Cash Flow Finance
• Debtor Finance
• Chattel Mortgage
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Hunter Broking Group pride themselves on having a local presence with a national strength, our technical product experience allows us to manage and service Finance Brokers insurance products such as:

• Professional Indemnity Insurance
• Cyber Liability Insurance
• Crime (fidelity) Insurance
• Management Liability Insurance
• Business Interruption Insurance
• Equipment Breakdown Insurance
• Electronic Breakdown Insurance
• Commercial Motor Insurance
• Corporate Travel Insurance
• Public Liability Insurance
• Office Insurance
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Our experienced brokers for insurance can help you get the most appropriate insurance cover by assessing your specific needs and recommending the appropriate insurance solution for your business, whilst still maintaining the highest standard of cover.

‍Our head office in the western suburbs of Brisbane allows us to serve Brisbane’s locals through personable, 1-on-1 consultations. Hunter Broking Group aims to spread our quality service across south east Queensland, so if you’re on the Sunshine Coast or the Gold Coast, don’t hesitate to contact us for your business insurance needs.

Information Source

https://www.lmiriskcoach.com/industries/22893/hazard-index
https://www.lmiriskcoach.com/industries/22893/risk-assessment

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