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Other Covers
Other Covers
When purchasing your professional indemnity insurance policy and cover, you do also need to consider other important insurances:
- Directors and Officers Liability
- Public Liability
- Employers Liability
- Tradesman Insurance
- Office Insurance
- Event Insurance
- Intellectual Property Insurance
- Mergers and Acquisitions Insurance
- Securities / Floatations / IPO Insurances
- Medical Malpractice Insurance
You can purchase these covers separately except when there is a need for Employers Liability when both Public & Employers Liabilities must be purchased together. There are some exceptions but it is very unusual when Employers Liability can be purchased stand alone.
Public Liability Insurance
Public Liability Insurance is designed to protect you from claims made by a third party or client, where they have said you have caused them bodily injury and/or property damage.
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Employers Liability Insurance
Most Employers are required by law to insure against the possibilities of their employees getting insured, or catching a disease when working on behalf of their employer. An Employer is responsible and has to make sure that their employees work in an environment that considers their health and safety while working for them.
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Office Packages Insurance
If you run a professional business from an office, much of your time maybe spent away from it, visiting clients, suppliers and business contacts. You will want to make sure that your business is properly protected but with little time to spare you often don’t have the time to search for the right insurance cover.
We can take care of your insurance needs, leaving you to concentrate on running your business. Office insurance is a package that has been designed to meet the needs of all types of office-based businesses such as consultants, architects, solicitors and surveyors.
It includes Contents cover, Revenue Protection, Public Liability and Employers Liability cover and Commercial Legal Protection. You can also select from a broad range of optional covers and limits to tailor the policy to suit your individual business needs.
Asset Protection
- Protection for the tangible assets of the business.
- Building Insurance
- Contents Insurance
Revenue Protection
- financial protection for the business
- Business Interruption covers loss of income and increased office expenses, in the event of fire, flood and natural disasters.
Legal Liabilities
- defending legal action
- Employer’s Liability
- Public and Products Liability
- Commercial Legal Protection: provides cover for legal action in relation to a whole spectrum of issues affecting businesses such as employment disputes, debt recovery and VAT disputes.
Employee Benefits
- protection for a valuable asset (optional)
- Personal Accident
- Business Travel: provides cover whilst travelling on company business in the UK, Europe and Worldwide.
Directors & Officers Insurance
Directors and Officers may be held personally liable to all parties that have any interest in the affairs of the Company. In essence, a Directors and Officers Liability Insurance is a form of Professional Indemnity cover for Company Directors and Officers.
General Duties of Directors
Fiduciary – Not to act outside their own authority, not to commit the Company to transactions prohibited by law or outside the Company’s Memorandum of Association and to avoid placing themselves in a position where their personal interests conflict with those of the Company.
Care – That one might expect of a reasonable person.
Skill – Although, “he need not exhibit a greater degree of skill than may reasonably be expected from a person of his own knowledge and experience”, (City Equitable Fire Insurance Company 1925), a Director or Officer or anyone with a particular skill or qualification should exhibit a greater duty of skill than those without, eg. Finance Director, Company Secretary etc.
Statutory Exposures (Typical)
- Companies Act (over 200 offences)
- Insolvency Act (“ Wrongful Trading”)
- Health and Safety at Work Act
- Data Protection Act
- Consumer Protection Legislation
- Company Directors Disqualification Act
- Financial Services Act
- Company Securities (Insider Dealing) Act
- E C Directives and Regulations
- Racial and Sex Discrimination Legislation
Circumstances
Taking into account the duties and exposures highlighted, a Director has to be mindful of all of these when considering the following circumstances which quite often give rise to claims or legal proceedings:-
- Sale of Assets/Divestments
- Acquisitions/Investments
- Poor Performance
- Share Issues/Change of Share Ownership
- Expansion Plans or Rationalisation
- Liquidation
- Failure to Supervise
- Adverse Publicity
- Dishonesty of Fellow Directors
- Safety and Emergency Regulations
Interested Parties
Parties who have an interest in the affairs of a Company include the following:-
- Shareholders/Investors
- Employees
- Creditors
- Customers
- Purchasers
- Vendors
- Competitors
- Contractors
- Government Departments
- Local Authorities
