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Insurance Coverage Options for Migration Agents

Aug 01, 2022
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Insurance Claim Life Insurance Business Insurance Professional Indemnity Insurance Liability Insurance Cyber Insurance Professional Services Insurance Migration Agents Insurance

According to an article by the ICEF Monitor, Australia granted more than 220,000 visas in 2020 and 2021, and more than 400,000 hold Australian student visas as of June 2022. For many people, relocating to the country–whether for family, employment, or education–has been a lifelong dream. This is why the role of a migration agent is crucial.

What are the Responsibilities of a Migration Agent?

People who wish to settle in Australia permanently are encouraged to seek the help and advice of migration agents as the procedure can be confusing and complex. As professional advisors, their primary role is to help clients, especially foreign nationals with complex cases, navigate processes, regulations, and laws. Some of their responsibilities include:

Providing recommendations on which visas clients should apply for
Preparing and lodging applications
Verifying that required documents meet Australian standards
Ensuring that application forms are correctly submitted
Offering advice on application costs and making sure they are settled
Dealing with the Department of Immigration and Citizenship on clients’ behalf

The work scope of migration agents encompasses a wide range of matters, which is why they must be registered with the Office of the Migration Agents Registration Authority (MARA). Otherwise, they will not be allowed to provide consultancy services.

How Does the Office of the MARA Regulate Migration Agents?

As part of the Department of Home Affairs, the Office of the MARA ensures that migration agents meet the code of conduct and maintain the expertise necessary to provide clients with appropriate recommendations. It also investigates complaints made against them and has the right to pursue disciplinary action or suspend or cancel their registration.

To ensure that they continue to uphold professional conduct, migration agents are required by the Office of the MARA to hold Professional Indemnity insurance, which protects them from complaints and negligence claims. Aside from this, there are other insurance options that safeguard migration agents.

What are the Insurance Coverage Options that Protect Migration Agents?

Cyber Liability Insurance

Professional Indemnity Insurance

Professional Indemnity insurance is designed for professionals who provide a specialist service or advice, providing protection for financial loss and legal costs of a claim.

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Public Liability Insurance

Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.

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Cyber Liability Insurance

Cyber Liability Insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack.

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1. Cyber Liability Insurance
  
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  - Migration agents who have an online presence or store clients’ confidential information online are at risk of losing data because of either theft or hacking. Cyber liability insurance protection plan may reimburse losses in the event that a client files a claim for loss of information or data breach.
2. Personal Accident and Illness Insurance
  - In case a migration agent is not able to work temporarily or permanently because of an injury or illness, this insurance coverage can help to pay for lost income. Other policies also provide additional benefits such as professional membership fees reimbursement and return to work assistance.
3. Public Liability Insurance
  - Accidents happen, and migration agents can be held liable for injuries clients obtained in their office. Claims arising from property damage caused by migration agents’ negligence are also covered under this insurance policy. Public Liability can reimburse a policyholder for losses from defence and legal costs.
4. Business Insurance
  - Business Insurance policies can cover unforeseen events, including fire and storms, ensuring that migration agents are able to recover financially from damages and business interruptions. Expenses from replacing damaged glass, electronic equipment, and office contents may also be covered.
Migration agents are exposed to risks unique to their profession, and choosing the right insurance coverage may be a challenge. Talk to an insurance broker today to learn about your options and protect your business before disaster strikes.

Get help in finding a migration agent via Migration Advisr.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

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