Before settlement, a broker realises the wrong product details were used in the file and the client may suffer a financial loss. To avoid a larger dispute, the brokerage works with the lender and incurs costs to fix the error and keep the deal on track.

Professional indemnity can include loss mitigation costs. The policy is designed to reimburse reasonable rectification costs, with prior written agreement, where steps are taken to reduce or avoid a claim arising from an act, error or omission.

A team member clicks a phishing email and attackers access the broker's mailbox and CRM. Names, ID documents and financial details of clients are exposed, forcing urgent forensic work, legal advice and notification steps.

Cyber Liability is designed to cover claims arising from unauthorised access, plus incident response, legal, forensic and notification costs, subject to the policy terms.

After a client complaint about unsuitable advice, ASIC opens a formal review into the broker's records, disclosure documents and file notes. The broker needs legal help to respond, prepare documents and manage the investigation properly.

Regulatory investigation costs are designed to cover legal and professional costs arising from a formal investigation into your professional services, subject to the policy terms.

A broker lodges a home loan application using the wrong income figures after relying on an outdated spreadsheet. The deal is declined, the client loses a favourable rate lock and claims the broker's error caused extra borrowing costs and loss.

Professional Indemnity insurance is designed to respond to claims arising from alleged negligence, errors or omissions in your professional services, including defence costs and compensation.