Directors & Officers Liability / Management Liability Insurance
The directors and officers of a business or company have many duties and responsibilities and need to carry out these duties with the utmost care and caution. But sometimes due to wrongful acts, negligence, misfeasance, carelessness, corruption or even unknowingly they might not perform their duties and tasks diligently and honestly and can cause financial loss to the business and harm or damage to the reputation of the business. Directors and officers liability insurance can protect you and your business against such losses.
While carrying out their fiduciary and management duties, directors and officers of the company are 100 percent liable and accountable for their actions but the company has to bear the cost of any possible legal action initiated against them. Even though they are personally liable for their actions the company or the business will have to suffer the financial damage caused due to their wrongful acts. Any lawsuits filed against the company can cost the company heavily and can be very expensive. All this will be covered in directors and officers liability insurance.
Legal action can also be taken by the employees against the company for acts such as wrongful dismissal, unfair work practices, sexual harassment, unsafe work environment, etc. so this type of insurance also protects the company from legal suits initiated by its own employees.
Professional services are services rendered by any professional who specializes in a particular field or area of work such as accountants, lawyers, doctors, architects, insurance brokers, engineers, etc. While rendering these services to customers or clients, you as the service provider, are liable for any loss, harm or damage caused to the customers or third parties. And professional indemnity insurance can provide safety and insurance cover to these professionals who may incur liabilities while rendering their professional services.
Professional indemnity insurance indemnifies or compensates the professional be it a beautician, an interior designer, or a consultant against any possible risks, losses, and damages incurred in their line of duty. This insurance will help keep your business running and functioning and in a secure financial position when in the middle of legal proceedings or allegations, if any. It can help pay for legal fees and defense costs.
Progressive Insurance Brokers will assess the right type of insurance you will need for your profession based on the kind of services that you provide. Selecting the right type of professional indemnity insurance for your business or profession can be quite complex but our expert team of professionals will give you personal and tailor made advice on what insurance coverage will work best for you.