Insurance Cover for Professionals
As Professionals, we understand the needs of the Professional and have access to market leading cover for all disciplines. The greatest risk we face is change and this is continuing to accelerate. Our recommended policies will help you control the risk that change brings.
We will give you peace of mind
By taking the necessary time to understand what you do and to subsequently identify the exposures you face, we are at the forefront of arranging cover for a variety of diverse risks, many of which are complex or unique and do not ‘fit’ traditional underwriting guides.
A professional practice may trade as a sole practitioner, in partnership or as a limited liability company, generating fees ranging from a few thousand pounds to a few million. We act for professional practices from across the whole spectrum. Professionals owe a duty of care to anybody who might reasonably rely upon the service or advice they have provided. In today’s commercial world, your clients expect high standards of service and are more inclined to resort to litigation when such standards have not been met. All professional practices have a legal responsibility in respect of work undertaken for their clients, and in many instances these extend to third parties who have also suffered as a consequence of the original breach of professional duty.
Scope of Cover
Professional Indemnity Insurance is designed to provide protection against such claims, providing an indemnity for damages which are awarded against the practice, for their own legal costs in defending the claim and for costs awarded against them should their defence prove unsuccessful.Cover is provided on a ‘claims made’ basis, which means that the policy is designed to respond to claims that are made during the period of insurance, regardless of when the Wrongful Act that caused the claim took place (subject to any retroactive date that may apply). Limits will apply either on an each claim basis or in the aggregate for the period of insurance, dependent upon the type of exposure. The vast majority of our policies provide cover on a ‘civil liability’ basis, which is the widest form available in the market. Where necessary, wordings will comply with relevant governing body minimum standards and requirements.
Cover designed for you
Professional Indemnity policies have traditionally been arranged on a ‘stand
alone’ basis but we provide a ‘menu’ offering that allows the client to arrange other types of business protection under the same policy. There is no compromise in the scope of cover afforded under the individual sections of the policy and this ‘one-stop-shop’ approach provides comprehensive protection under one cost effective arrangement.
Whilst the Professional Liability is a mandatory section of the policy, the covers are usually optional.
Professional Liability - cover is provided in accordance with a wording that is relevant for the particular profession.
General Liability - Public Liability cover which is provided on an occurrence basis and Products Liability cover (subject to an aggregate limit).
Directors and Officers Liability - relevant if the practice is a Limited Liability Company or Limited Liability Partnership. This covers the legal liability of directors or officers of the company, legal costs and expenses in respect of investigations, disqualification and extradition proceedings, and company reimbursement. Cover usually extends to include Public Relations assistance for directors and officers for particular circumstances.
Entity Defence - covers the practices legal costs and expenses in respect of:
• Public Relations Crisis Management - specified events
• Identity Fraud – misrepresentation by a third party
• Investigations – Regulatory, Health and Safety and the like
• Corporate Manslaughter
• Breach of Contract - provision of goods and services
• Pollution - as a result of a wrongful act by a director or officer
• Taxation - tax investigations
• Data Protection Act
Employers Liability - UK Compliant cover catering for all employees
Employment Law Protection – cover in respect of employment disputes and investigations, including employment telephone help-line service.
Property Damage – usually providing cover on an accidental damage basis, often includes theft on a non-forcible and violent entry to or exit from the premises and incorporating elements of computer breakdown cover.
Business Interruption - cover is generally provided on a loss of income basis and extends to include denial of access and failure of utilities clauses.
Money and Personal Assault – cover in respect of money in transit, at the premises, in private residences, at exhibition sites or in a night safe at a bank. Extends to include personal accident (assault) resulting from (attempted) robbery.
Specified All Risks - covering portable equipment away from the premises on an optional geographical basis (e.g. laptops, mobile phones, cameras, etc.) and linked to the cover provided in respect of office contents under the Property Damage section from a limit perspective.
Fidelity - covering employee dishonesty and third party computer and funds transfer fraud. (N.B. This cover may not be available or cover may be varied in respect of certain professions where the scope of cover provided is in accordance with
governing body minimum standards or requirements).
Design and Construction
We act for a variety of construction risks including those who have their own ‘in-house’ design or architectural teams, those who appoint external architects and engineers to undertake such work on their behalf, and those who are awarded a design and build contract on the basis of using their customers appointed design consultants. Our service takes into account the respective parties responsibilities, such as whether you are acting as the principal contractor or sub-contractor and if the design risk is your sole responsibility or is one of a contingent nature.
As the type of contractors operating in these areas is so diverse, it is not possible for us to offer a comprehensive ‘one-stop-shop’ product and so we concentrate our efforts on providing a policy which can cater for your professional and management risks. We will then arrange additional covers designed to fully protect your interests.
We will give you peace of mind!