Management cover
Avant is able to provide members with some of the covers mentioned below, however you should contact your insurance broker or visit the Find an insurer website to find the right product for you.
- Management liability cover (available on some business insurance policies) generally cover the personal liability of company directors and officers as individuals, but also the reimbursement of the insured company in case it has paid the claim of a third party on behalf of its managers in order to protect them. Crime covers are usually part of management liability products like found in Avant’s business policy*, and protects organisations from loss of money, securities, or inventory resulting from crime.
- Cyber covers vary but generally cover things like crisis management, hiring a public relations firm to manage a data breach incident, costs associated with forensic analysis, the cost of repairing and restoring computer systems if there is a virus that destroys business software and data, and the loss of business income resulting from a data breach. Avant Practice Medical Indemnity Insurance policyholders with a turnover of less than 40 million dollars per annum, are provided complimentary Avant Cyber Insurance cover#.
- Key person insurance is often used to cover a situation where a partner / practitioner is unable to work and contribute income. Often the policy can be taken out by the practice or by the other parties who rely on the person who is covered under the policy.
*Avant Insurance Limited ABN 82 003 707 471, AFSL 238 765 arranges Avant Business Insurance as agent of the insurer Allianz Australia Insurance Limited ABN 15 000 122 850, AFSL 234 708 and may receive a commission on each policy arranged. #Avant Practice Medical Indemnity Insurance is issued by Avant Insurance Limited ABN 82 003 707 471, AFSL 238 765. The policy wording is available at www.avant.org.au or by contacting us on 1800 128 268. Practices need to consider other forms of insurance including directors’ and officers’ liability, public and products liability, property and business interruption insurance, and workers compensation. Avant Cyber Insurance cover is available to eligible Avant Practice Medical Indemnity Policy holders up to the cessation of their policy and is provided under a Group Policy between Liberty Mutual Insurance Company ABN 61 086 083 605 (Liberty) and Avant Insurance.