financial service firm insurance
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Financial Service Firm Insurance

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What is Financial Service Firm Insurance?

As a specialist insurance brokerage that focuses on Financial Service Firms, we partner with our clients to customise insurance programs that properly protect their firms and comply with the highly regulated sector.

Considerations for Financial Service Firms

The key difference from a general insurance program is that a robust professional indemnity policy can be structured to meet the specific compliance requirements for adequate cover under ASIC’s Regulatory Guides 126 and 210.

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What Coverages are Available?

We consider each client’s operations, activities, size, contractual requirements and ASIC requirements to arrange specialised coverage that makes sense. See below for a brief snapshot of the coverages available to Financial Service Firms:

This cover protects against claims that are caused by your professional advice which may give rise to a financial loss.

Public Liability

This cover protects against claims made for property damage and personal injury to third parties caused by your negligent acts.

Corporate Travel

Annual combined Business & Leisure coverage while travelling around Australia or Overseas – includes coverage for medical expenses and baggage/contents.

Crime Coverage

Crime policies can be structured to cover Fidelity (Wrongful Acts of Employees), cover while on premise or in transit, document fraud and even computer fraud

This cover is designed to protect the directors, officers, managers and employees against legal action from shareholders, employees, regulators, creditors, competitors, liquidators and others.

Workers’ Compensation

This coverage is mandatory where you have hired employees, but could be beneficial for operations with Sub-Contractors and/or Working Directors.

Cyber insurance can be customised to offer cover for cyber event response costs, business interruption, digital asset replacement, breach costs, cyber extortion/threat, e-theft and third-party liability from a privacy or cyber breach.

Property & Business Interruption

Property and contents coverage for your business equipment, tools of trade and office contents (with the option to extend to Worldwide, if required).

Key Coverages & Policy Conditions

Broad Civil Liability Insuring Clause

Indemnifies insured organisations and insured persons and does not tie to negligence or breach of professional duty.

Self-Report, Internal Inquiry and Professional Inquiry Costs & Expenses

Costs and expenses of preparing a self-report, participating in an internal inquiry or appearing at an industry-wide

ASIC Administrative Action

Appeal Costs & Expenses – costs and expenses of the appeal, to a tribunal, of administrative action brought by ASIC suspending or cancelling an AFS licence, or issuing a banning order prohibiting an insured person from providing financial services.

External Dispute Resolution

for claims brought under an ASIC Approved External Dispute Resolution Scheme such as the Credit Ombudsman Service Limited or Financial Ombudsman Service Scheme. Cover is not sublimited but the excess will apply to each claim determined or settled under such Scheme.

Contractual Liability

For liability the insured incurs under an indemnity or hold harmless term of a contract to the extent that such liability results from the insured’s performance of professional services.

Key Extensions

Defence Costs Paid in Advance

prior to final resolution of a valid claim

Misleading or Deceptive Conduct

under the ASIC and TPA Acts

Joint Ventures

cover for the insured in its capacity as a joint venture partner

Vicarious Liability

resulting from the actions of the insured’s agents

Intellectual Property Rights

unintentional breaches (excluding North America)

Professional Inquiries

which have the potential to lead to a claim

Broad Definition of Insured

includes directors, employees and members of compliance, investment and audit committees as well as their estates, heirs and legal representatives in the event of death or incapacity

Types of Financial Services Firms

We understand that the Financial Services sector is a very broad industry that demands specific needs depending on each firm’s operations. We provide customised coverage options to suit the various needs and requirements of each specific firm. We currently insure the following types of Financial Service Firms:


Financial Planners

Corporate Advisors

Private Equity

Property Funds

Fund Managers

Venture Capital

Corporate Secretarial

Trustees & Custodians

Merchant Banks

What are the Key Benefits to working with KBI?

1. We understand ASIC’s RG 126 and which insurers provide coverages that comply with its requirements and protect against the associated risks

2. We have built relationships with specialised insurers that focus on Financial Institutions and provide customised coverage to suit the specific needs of each consultant.

3. We are specialists in Professional Indemnity and managing the claims and notification processes.

4. We provide complete insurance risk profiles customised to each client, outlining which risks are transferred and which risks are self-insured.

5. We provide coverage, limit and excess analysis to assist clients in understanding their insurance policies and help in making decisions to protect their business.

6. We help clients make an informed decision by answering the following questions:

– What’s covered?

– What’s excluded?

– What limit should we buy?

– When do we report changes, claims, circumstances, etc.?

Why KBI?

At KBI, we have leveraged our networks, strong relationships and our insurance/risk management knowledge of the Financial Services sector to customise insurance solutions specific to each firm’s needs. We provide expert advice to make the process seamless and help our clients better understand their insurance program – helping them make an informed decision.

Financial Service Firm Team

travis kenzle kbi
Managing Director
nick george
tyler speers kbi
Account Manager

Financial Service Firm Insurers

Contact Info

Street Address:

Level 18, 140 St. Georges Terrace, Perth, WA, 6000

Postal Address:

PO Box Z5102, St. Georges Terrace, Perth WA 6831

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