“Committing a wrongful act can cost you and your business considerable financial hardship.”
Private companies, their directors and staff are increasingly exposed to greater corporate governance and regulatory scrutiny in the day to day running of their businesses, making it essential to obtain Professional indemnity/liability insurance.
Directors are now perceived as professional managers and as such are accountable for their actions. The increase in litigation against directors reflects a change in the attitude of the general public towards greater management accountability and hence the position of a director and responsible officer is becoming far more onerous. A Director is therefore exposed to the extent of their personal fortune and hence, needs professional liability insurance.
Surprisingly, very few businesses have protection in place with professional/public liability insurance, therefore exposing the business and the people within it to the risk of litigation from a variety of different sources.
The following claims examples are quite alarming
Download claims examples (PDF)
Who might bring an action and for what reasons?