This is intended to protect professionals and their business in the event of claims made by clients or third parties.  Directors & Officers also known as D&O protects an individual in the event of claims being made against  him/her  for alleged wrongful acts in their capacity as a Director or Officer or against the organisation.  Claims can be made by shareholders or creditors but there has been a growing incidence of claims being made against Directors & Officers by regulatory bodies.

In addition to the above, the policies will cover legal and other costs and expenses incurred in the defence of a claim.

Who needs Professional Indemnity Insurance? –  If your business sells knowledge or skills such as providing advice, design, specification, supervision etc. you have a responsibility and duty of care to your clients and third parties to the services and expertise you provide.  Many professions are required to have Professional Indemnity insurance cover as a regulatory requirement, but Professional Indemnity which is also known as P.I. or P.I.I. is for the benefit of the professional and not the client.

Who needs Directors & Officers Insurance?  – any person who holds a position on a company board or in an association or in a partnership can be exposed to a claim from a third party or a regulatory body if that person fails to discharge the role correctly, especially if it results in financial cost or breach of statute.

Professional Indemnity Insurance and Directors & Officers Insurance operates on what is known as a “claims made basis” this means that it is the policy in force at the time the claim is notified which will operate irrespective of when the work was actually undertaken or when the alleged act of professional negligence or wrongful act took place.

Please contact us for a Professional Indemnity or Directors & Officers quotation – we are always happy to answer your queries.  Please contact us on 01534 515151 or 01481 254954.