Forum Insurance takes a look at the risks that have the potential to seriously affect your business or perhaps, more frighteningly, can mean your own personal bankruptcy, losing everything you have worked for.
Directors & Officers Liability Insurance
Directors and Officers Liability protects the key people in an organisation against any personal liability they might have as a result of running the business. It also applies to charities and those taking up voluntary positions. Increasingly, directors, trustees etc are being held personally liable for acts or decisions that they make in the course of their business. This can range from corporate manslaughter, preferential treatment of creditors, discrimination, breaches of health and safety and other regulations and fraud perpetrated by other officers. The maxim seems to be if there is no one to sue, then take action against the director and/or officer, especially if he/she has some assets. It would seem sensible for most businesses to arrange cover to protect all the key people in the organisation against legal costs and most types of compensation awarded.
Cyber Liability
As all businesses become ever more reliant on technology and online sales, the risk of suffering a loss related to problems with computer systems, holding sensitive customer data such as names and addresses or own employees payroll data, continues to grow.
One of the biggest challenges to businesses is loss of client data and the business interruption aspect of your web site being down, in particular for businesses transacting online sales.
The types of cyber attacks can be varied and include targeting a business’s intellectual property, customer data or aimed at causing maximum disruption.
Once again cover is available to protect you against any actions.
Employment Practices
This is a specific cover against tribunal or other civil cases made by employees. The number of instances where wrongful dismissal claims can be made is growing and so are the types of cause where Courts can award damages above the normal limit of £50,000.
Provided you have good employment practices, cover against costs and awards is readily available.
Commercial Legal Expenses
As well as claims from employees, businesses can be sued for a whole range of commercial issues such as breach of contract, tax and VAT issues, data protection issues, property and neighbour disputes, breach of regulations and many others. Cover can be obtained for the legal expenses incurred or costs awarded against you and, in some cases, your own costs in pursuing a claim of your own.
When business was simple, so was insurance!
For a free business insurance quotation please contact Forum Insurance on 020 8909 2899.