Professional Indemnity / Directors & Officers
The importance of professional indemnity and directors and officers insurance is all too often overlooked.
Whether you direct a company or provide a professional service to other businesses, a suitable insurance policy is an absolute must. Both occupations entail a diverse range of risks, warranting a professional indemnity or directors and officers insurance solution that takes each and every one of your liabilities into account.
Professional indemnity insurance
Professional indemnity insurance offers protection in case you should make a mistake that results in a client suffering a financial loss. For example, if you were an architect and you made a mistake when planning a construction project, this might incur extra costs later on – costs for which you would be liable. Professional indemnity insurance would pay for the client’s compensation so you wouldn’t have to do so yourself.
Other businesses that should consider getting professional indemnity insurance include engineers, financial advisors, accountants, Private Investigators, IT consultants and journalists, to name just a few.
Directors and officers insurance
When you become the director or officer of a company, you automatically take on a number of fiduciary duties. If you are accused of breaching these, there can be serious consequences including lawsuits, investigations and criminal prosecutions – even if you have done nothing wrong. Directors and officers insurance provides a financial safety net designed to fund defence and settlement costs as well as legal representation in case such an accusation should be brought against you.
For example, a workplace fatality could result in a public enquiry. Directors and officers insurance would fund your legal representation at the enquiry, so you wouldn’t have to pay for it yourself.
Whether you need professional indemnity insurance, directors and officers insurance or both, our expert insurance executives can help ensure that you’re fully covered. We’ll work closely with you to get a precise idea of your insurance requirements, enabling us to source a suitable policy with a competitive premium. Use the links to the right to request a quote or callback, or give us a ring today on 01865 374215