Insurance for Professional Risks including Professional Indemnity, D&O Insurance and Cyber Liability Insurance
As the professional risks division of NC Insurance, we provide professional services providers with great value insurance on a variety of products including professional indemnity insurance, directors’ and officers’ liability insurance, cyber liability insurance and office insurance.
What is Professional Indemnity Insurance (PII)?
PII protects you against claims for losses or damage from clients who are dissatisfied with the advice or service you have provided.
A typical PI insurance policy will cover you for:
- Any civil liability
- Negligence i.e. incorrect advice or making a mistake in your work
- Infringement of intellectual property rights i.e. copyright or trademarks
- Defamation (libel or slander)
- Loss of professional documents
- Your own losses from dishonesty by a co-director, partner, employee or freelancer under your supervision.
The truth is that even the most diligent professionals can slip up and make mistakes. And in our increasingly litigious society, errors could cost you, and your business, unless you’ve arranged adequate PI insurance. Even if you’ve done nothing wrong, the cost of defending a claim made against you can run into thousands of pounds
We have access to highly competitive professional indemnity policies and that, combined with our extensive experience of dealing with professional risks, means that we’ll analyse the risks you take and find you the most suitable level of cover and protection.
If you do need to make a claim, you’ll have access to your very own in-house claims manager meaning there will be minimal disruption to your everyday business.
Directors’ and Officers’ Insurance
D&O insurance policies offer liability cover for company managers to protect them from claims which may arise from the decisions and actions taken within the scope of their regular duties.
The truth is, however good they are, managers can make mistakes – and are often personally legally liable for them. They often make tough and complex decisions with huge impacts on the basis of the sometimes limited information available, for example in merger and acquisition situations.
A manager’s decision can result in losses for the company or a third party, and the directors and officers who made those decisions can be held personally liable for those losses and can be involved in costly litigation.
The core purpose of a Directors’ & Officers’ insurance policy is to provide financial protection for managers against the consequences of actual or alleged “wrongful acts” when acting in the scope of their managerial duties.
Common D&O risks include:
- Employment practices & HR issues
- Shareholder actions
- Reporting errors
- Inaccurate or inadequate disclosure (e.g. in company accounts)
- Misrepresentation in a prospectus
- Decisions exceeding the authority granted to a company officer
- Failure to comply with regulations or laws
Cyber Liability Insurance
The sad truth is that cyber attacks are on the increase and even with the most robust IT security, risks exist that simply cannot be protected through IT security.
- Virus & malware.
- Social media misuse.
- Electronic fraud.
- Breach of personal data.
- Loss or misuse of bank or payment card details.
- Network intrusion.
- Employee fraud.
- Business downtime/interruption.
At NC Insurance, we’ve been working with our insurer partners so we can provide our clients with protection, in the form of cyber liability insurance, at highly competitive premiums.
To find out why NC Insurance is the home of professional risks and to request a free review of your insurance needs get a quote now or call us during office hours on 0800 046 1446.