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Management Risks

In today’s world it is difficult to keep pace with ever increasing legislation and regulation - firms are being exposed to new risks. There is also more personal liability being imposed on individual directors. We assist in identifying these risks and discussing the potential of insurance covers to mitigate your financial liabilities. These would include professional advice risk, Directors & Officers, Employment Practices Liability, Environmental, Crime and Cyber.

Professional Indemnity Insurance

A Professional Indemnity Insurance policy provides indemnity against loss arising from a breach of duty which may be made and reported to the insurers during the policy period by reason of any neglect error or omissions committed in the conduct of the insured's professional business. An important feature is that cover operates on a "claims made" basis but can relate to work carried out at any time in the history of the insured's business.

Some Professional Indemnity Insurance policies go further than the standard cover and provide indemnity to the insured for "Civil Liability" covering areas such as breach of contract and libel and slander. Cover will often also include :-

Loss of documents
Dishonesty of employees
Fidelity
Unintentional breach of confidence
Infringement of copyright and intellectual property rights
Previous firms or previous partners

Directors and Officers Insurance

Directors liabilities can be summarised under four distinct headings:-

Personal liability to third parties for acts of the company
Regulatory/disciplinary proceedings and investigations
Civil liability to the company at common law
Statutory liability

If claims or disputes arise the directors/officers of the company can be made personally liable. The most likely source of a claim would be from the following areas:-

Shareholders
The Department of Trade and Industry
The Official Receiver
The Company itself
Regulatory bodies
Customers

Directors and Officers Insurance also operates on a "claims made" basis. To find out more about D&O click on the button below.

Directors & Officers

Credit Insurance

The spectre of bad debt hangs over many companies and Willis IRM can provide a consultancy service that addresses the financial health of your organisation. Credit Insurance can be a solution to non-payment concerns and we will provide an objective view on the suitability of a policy for your company as well as discussing the cost effectiveness of cover versus risk.

Insuring your sales ledger which can be your largest asset