"Financial & Professional Risks often carry an air of mystery, but they are becoming more essential as time passes.”
Whilst most clients are familiar with the general insurance requirements of a business, such as Property Insurance, Business Interruption, Employers Liability and Public Liability, there are other specialist covers that can be arranged that are not quite so familiar.
In this increasingly litigious and regulated environment we live in, it is vitally important that your insurance broker understands the key risks faced by you and your business.
Directors and Officers Liability (D&O)
Directors and officers currently face a significant risk of civil or criminal action, arising from an environment with increased shareholder activism and tougher punishment for non compliance with statutory obligations. This personal exposure to risk is addressed by D&O cover that is far reaching and increasingly essential.
The policy provides wide definitions of wrongful acts and heads of loss for which the Company can insure on behalf of their Directors and Officers and in some cases the Company as an “Entity”.
Trustees Liability Indemnity Insurance
Whilst becoming a trustee may be viewed as performing a key role in our society, it can no longer be viewed simply as a position of status with little risk.
Every time a trustee makes a decision, they potentially place their personal assets at risk, as a reckless or negligent action may find the Trustee liable for civil and/or criminal penalties. This potential liability is extremely far reaching and the individual is considered to be in a position of trust.
The liability of a Pension Trustee is unlimited, and can follow them through their whole life and potentially beyond! The estate of a former trustee could be pursued even after death.
Professional Indemnity Insurance (PI)
If you are providing advice or design services for a fee, you should have considered the potential liability that could be incurred if that advice is found to be flawed or the designs that you provide fail.
We can provide a professional Indemnity Policy that can provide you with cover for legal fees in order to defend you against a claimant and any award made against you.
Some of our polices can be extended to include more specialist bespoke lines of cover related to trade, to ensure that comprehensive protection is achieved.
We currently act for a range of firms including Property Surveyors, Managing Agents, Fund Managers, Charities, Environmental Consultants, Training Consultants, Recruitment Consultants and many other varied professions.
Fidelity Guarantee Insurance
A loss of money policy will usually cover the physical theft of money, but it will not respond to losses caused by Theft or Fraud by the policyholder’s staff, unless the loss is discovered within a very tight timescale from the incident, usually between 7 and 14 days, depending upon the Insurer concerned.
Fidelity Guarantee Insurance provides cover against any financial loss sustained by the policyholder through acts of fraud, dishonesty, forgery or larceny committed by your employees in connection with their occupation and duties. The cover includes both loss of money and property and can cover both paper and electronic fund transactions.
Employment Practices Liability (EPL)
In view of the vast array of employment legislation which is now in force, an employer has to be extremely careful in all dealings with its workforce. What may have been seen as general banter in the past, could now be viewed completely differently, and may result in a claim against the employer.
Claims can be made for a whole raft of situations such as alleged discrimination, bullying, harassment or wrongful dismissal.