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Professional risks insurance

The law imposes a high level of expectation upon anyone who holds themselves out as being a professional in their field. Members of the public who seek advice or services from a professional are entitled to expect the opinions offered or the level of service given to be of a high standard.

In the event that the professional does not achieve those standards then the law supports the injured party in seeking redress. Such liability is protected by means of a Professional Indemnity policy in the name of the professional. Historically such policies were held by the conventional professionals:-

  • Solicitors
  • Engineers
  • Surveyors
  • Accountants
  • Insurance brokers
  • Architects

In more recent times the emerging professions have found it necessary to carry equivalent cover. Professions such as:

  • Advertising agents
  • Health & Safety advisers
  • Spiritual healers
  • Computer games designers

…and many more are now exposed to such risks and need to buy appropriate protection. Equally the law has moved towards increased responsibility resting on those who administer companies. The ability to hide behind a limited liability corporate shell has diminished substantially and the responsibilities rest firmly on the individuals themselves as well as the company. Personal assets are at risk and liability is not limited in amount. Such risks are protected by a Directors and Officers Liability policy. Actions can be brought against anyone acting as an Officer of the Company and such term is not specifically defined so it could be anyone. It could be the Chief Executive for the way in which the Company has been run or it could be the Maintenance Man who assumes a Health and Safety role.

Credit

Towergate Milton Keynes is ideally qualified to advise and place cover against these eventualities. The Group includes both insurance broking arms and specialist underwriting agencies.

Cyber liability

The growth of the World Wide Web has seen on line business increase dramatically in recent years and with it has come the evolution of “cyber risks”. Policies have been developed to provide protection against the risks attached to these new ventures. Often the risks are conventional but require adaption for these additional exposures.

For more information contact us, our staff are available to take your call on 01908 258 388.

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