GREAT SERVICES TO PROFESSIONAL RISKS
Professional Risks Insurance can broadly be split into 2 categories:
Professional Indemnity Insurance
Professional Indemnity Insurance helps protects you against claims for loss or damage made by clients or third parties because of the impact of negligent services you provided or negligent advice you offered. This applies to sole traders, freelance consultants and professional service companies.
Management Liability Insurance
Management Liability Insurance helps protects your Directors and Senior Managers as part and parcel of their everyday working practices. It is sometimes referred to as Directors & Officers insurance.
Professional Indemnity Insurance
Professional Indemnity Insurance helps protect you against claims for loss or damage made by clients or third parties because of the impact of negligent services you provided or negligent advice you offered. This applies to sole traders, freelance consultants and professional service companies.
Some occupations – or businesses – that should have professional indemnity insurance are:
- Accountants and Bookkeeping
- Architects
- Business and Marketing Consultants
- Estate Agents
- Engineers
- Financial Advisors and Financial Planners
- Healthcare professionals
- IT Consultants
- Solicitor’s
- Surveyors
There are plenty of other businesses that PI Insurance could also apply to, including media and PR agencies and event companies, the list is long! Anyone that gives professional advice or professional services could be claimed against, and PI insurance providers cover towards the claim / damages itself plus legal costs in defending the claim.
Management Liability Insurance
Management Liability Insurance helps protect your Directors and Senior Managers as part and parcel of their everyday working practices. It is sometimes referred to as Directors & Officers insurance.
Management Liability cover is an essential component of any commercial insurance programme. It is designed to protect directors, officers and other key employees against the costs of personal liability for compensatory damages and/or defence costs arising from actions and decisions they take on behalf of the company.
Management liability insurance provides cover towards the business against claims arising from mistakes or deliberate actions – including fraud – from the company or its directors, officers or employees – both past and present.
It can provide cover towards the cost of investigating, defending and settling claims by a third party, as well as contributing towards paying compensation the business is liable for.
In a culture where more claims are being brought against not only firms but also individuals within a business, it is important that Management Liability insurance is in place. Please call our expert professional risks insurance team on 01270 449 449 or email [email protected]
