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Professional Indemnity Insurance
Professional Indemnity Insurance
Historically only accountants, engineers, architects, surveyors, solicitors, doctors and the like were considered to be ‘professionals’, but today, the term can be applied to almost anyone claiming specialist knowledge or expertise and offering a related service. A professional may trade as a sole practitioner, in a partnership, or as a company, trade association, charity or other corporate entity. The services offered can be paid or unpaid.Essentially, you owe a duty of care to anybody who might reasonably rely upon the service or advice you have provided. At a basic level the insurer will provide an indemnity to the professional for damages which are awarded against him, for his/her own legal costs of defending the claim and for costs awarded against them if he or she is unsuccessful, in whole or in part.
WRS are able to offer a comprehensive policy at very rates for most trades. Cover can either be sought on its own, or with additional benefits such as Fidelity Guarantee (staff honesty) and Employment Law Protection.
Cover can also include Directors and Officers Liability, but WRS are also able to offer this as a separate policy.
Directors and Officers Liability
Directors' duties are set out in an amalgam of obscure case law and relevant sections from various statutes and regulations. It is not surprising that directors are often ignorant as to what their duties are. Ignorance is no defence. Directors who transgress can find themselves personally liable to the company, its shareholders, investors, creditors and the general public. In some cases they may even face criminal sanctions.
This common law duty requires Directors to carry out their duties with 'the care an ordinary man would take in the same circumstances on his own behalf' and with the skill one would expect from someone of his 'particular knowledge and experience'. If duties are delegated to managerial staff, directors must be completely satisfied that the manager is suitably experienced, honest and reliable or they may face personal responsibility for his actions. If a director breaches these duties, the company can sue for recovery of its property or damages.
Please contact our office if you would like a quotation or to discuss your requirements, alternately kindly complete and submit the enquiry form, where one of our team will be happy to assist you.