As a company director or senior executive, you could be held personally liable for your company’s actions.
You could be sued and subject to compensation claims, damaging lawsuits and prosecutions. Even if you weren’t directly involved in a decision you could be putting your personal assets at risk.
The purpose of Directors & Officers liability insurance is to provide cover for legal costs and if appropriate, settlement & compensation.
Some Areas of risk for Directors & Officers you could be personally held responsible for include:
• Health and safety
• Human Resource Issues
• Data protection
• Maintaining satisfactory accounts
• Fraud
• Negligence
• Involuntary
• Manslaughter
• Environmental issues
Professional Indemnity Insurance
Professional Indemnity Insurance protects you from claims if your client holds you responsible for errors, or the failure of your work to perform as promised in your contract.
Coverage includes legal defence costs – no matter how baseless the allegations. PI Insurance will pay for any resulting judgments against you, including court costs, up to the coverage limits on your policy.
Who is a Professional?
Anyone who gives another person advice and/or services of a skillful character according to an established discipline might be regarded as a ‘Professional’. That means persons other than those in ‘traditional’ Professions, such as doctors and lawyers, are now considered to be Professionals i.e. Consultants, Advertising agents, trade associations, Accountants, Architects, Financial Planners and fund managers.
What protection will Professional Indemnity Insurance provide?
A Professional Indemnity insurance policy aims to shield the Professional’s assets in the event of a claim therefore ensuring they are able to carry on their business. Every policy on the market is different and our role as brokers is to compare policies and to ensure you obtain the correct insurance for your profession.
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