Australian Immigration Daily News

At BizCover, we understand our clients and the hard work that goes into being a dedicated small business owner. As much care as you may take to do your job right, the unfortunate reality is mistakes do happen and that’s where business insurance plays an important role in protecting your business.

Here are a few recent claim examples where migration agents have made accidental errors which resulted in their client’s making a claim against their business. 

Claim 1

Policy Type: Professional Indemnity*

The insured incorrectly assessed the eligibility of their client for an aged parent visa. The visa application was subsequently rejected, and the client sought a refund of the fees paid to the Department of Immigration.  The insured’s error was covered by their Professional Indemnity insurance policy and the policy assisted the insured in responding to the claim.   

Settlement Amount:  ~$6,134.93 

Claim 2

Seemingly small mistakes or simple oversights have the potential to result in huge claims when it comes to visa applications. This example illustrates the profound effects a simple mistake can have upon several people.

Policy Type: Professional Indemnity*

The insured accidently failed to lodge their client’s permanent residency visa within the required timeframe, in breach of the client’s instructions. This resulted in the client (on a significant investor stream visa together with four members of their family being unable to apply for permanent residency.  The client made a claim for the costs incurred to fulfil the prerequisites for the grant of permanent residency, including visa application fees paid to the Department of Immigration. The insured’s professional indemnity insurer assisted in responding to and settling the claim. 

Settlement Amount: ~$125,000 

Claim 3

It’s important to consider a range of business risks when taking out business insurance, as there are many risks that could affect the normal running of your business. Here is one of many examples:

Policy Type: Business Pack - Theft

An insured’s business premises were broken into and critical business assets were stolen.  This included laptops and other computer equipment that were fundamental in the day to day running of the business.  The insured had purchased theft insurance to cover business equipment, including computer equipment.

Settlement Amount: ~$9,500

These insurance claims highlight the importance of having adequate insurance in place for your Migration Agency. To get a quote on your business insurance in minutes, from some of Australia’s leading insurers visit our website or give us a call. 

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

To learn more or to take out a BizCover Professional Indemnity Insurance policy click here.