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Management Risks

Do I need it?

As a business owner, you’ll be used to taking some risks, but it would be unwise to place your business in jeopardy by ignoring those threats that may affect its operation and ultimately its existence.

The correct type of insurance will protect your business against losses associated with the relevant risks. Consider the effects of a personal injury lawsuit, a computer virus, intellectual property disputes, legal actions, an attack on your computer systems and you can see that there are a number of areas that can cause harm to your business.

At CCI we have the expertise to provide the most effective insurance package for your needs, whatever the type and size of your business.

What is it?

The value of following a risk management process is that it will identify the threats that could cause severe damage to your business. Once you have evaluated these risks, management systems can be implemented along with the most effective insurance package to alleviate any impact on your business.

The main categories of risk you should consider are:

Strategic – new competitors, new products and technologies
Financial – increased interest costs, changes to currency rates
Compliance – new or updated health and safety and employment legislation
Operational – Internet viruses, equipment breakdowns

CCI has a wealth of experience in providing management risks insurance.

As specialists in this field, we understand that every business has different requirements, so we’ll create a tailored solution that matches your situation, and ensure that you only pay for the level of cover that you actually need.

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Directors and Officers Liability insurance protects directors, officers and senior employees of a business against claims arising from their decisions and actions taken whilst managing their business. Cover includes the costs of defending litigation, damages and settlements.

If you don’t have this cover currently in place then you may be at risk, and we’d advise that you check your level of protection. 

Individuals and organisations are now prepared to enter into litigation more readily and unlike a company’s liability, that could well be limited, the liability of directors and officers may be unlimited. Uninsured directors and officers run the risk of being sued, and in the worst cases face the possibility of personal bankruptcy.

Do I need it?

If you haven’t thought about this before and if you’re a company director we’d recommend you look closely at the subject of Directors and Officers Liability insurance. Assessing your requirement for this cover is essential; UK and EU legislation is becoming more comprehensive and imposes increased liabilities on company directors and officers.

If you’re a company director (whether an executive or non executive) of a limited company, you’re still personally liable for a variety of events that fall outside of your authority. These can lead to claims against you and taking out Directors and Officers Liability insurance can help protect you for a wide range of events.

To make sure that you’re not exposed to any risk, we’ve outlined some key points below so you can make an informed decision on this important issue.

A typical policy will cover your company for:

  • Health and Safety at Work Act
  • Companies Act
  • Consumer Protection legislation
  • Data Protection Act
  • Racial and Sexual Discrimination Act
  • Insolvency Act
  • Company Securities (Insider Dealing) Act
  • Financial Services Act
  • Company Directors Disqualification Act
  • EC Directives and Regulations

To find out more about this cover and how we can help you ensure that your business is protected in all aspects of Management Risks Insurance, please contact a member of our team for an informal, friendly discussion.

Employment Practices Liability cover should be considered as part of your business’s wider employment policy. By having sound employment policies in place, some of your risk in this area is reduced.

An employment policy sets out the rules and procedures that your staff need to know. These help employees to understand what you expect of them, how they should behave and how they should carry out certain activities. Employees will also be aware of any rules that need to be followed. A clear policy will also help to create a culture where any disputes are dealt with fairly and consistently.

Do I need it?

Employment Practices Liability insurance is taken out by firms who confirm at the outset that they have correct procedures and documentation in place. If then employment law is inadvertently breached or the procedures are challenged by an employee bringing a case, the insurance policy will cover the costs of defence and any damages, if they are awarded.

If you are an employer we’d recommend that you look closely at your employment policy provision. If you don’t have effective procedures and documentation in place then you may be at risk; we’d advise that you check your level of insurance protection if you employ people on a permanent, sub-contract or temporary basis.

We believe that assessing this cover is essential; UK and EU legislation is becoming more comprehensive and imposes increased liabilities on businesses. There’s also been a marked increase in the awareness by staff of employee rights, with individuals and organisations now prepared to enter into litigation more readily.

To find out more about this cover and how we can help you ensure that your business is protected in all aspects of Management Risks Insurance, please contact a member of our team for an informal, friendly discussion.

Legal expenses insurance covers you for professional legal expenses incurred in connection with a variety of circumstances including employment disputes, tax enquiries and property protection.

We’d advise that you consider this insurance as it covers you against the legal costs involved in pursuing or defending a claim, the appointment of solicitors, barristers and expert witnesses, and many others.

Do I need it?

You may not have considered this before, but if you think about the increase in the frequency and impact of litigation, we’d recommend that you check whether you’re fully insured.

Legal expenses insurance is important if you need to cover yourself from unforeseen events that could affect your business and lead to disputes. It can offer real benefits by protecting you from the stressful and often expensive legal proceedings with which you may become involved.

To make sure that you’re not exposed to any risk, we’ve outlined some key points below so you can make an informed decision on this important issue.

A typical policy will cover your company for:

  • Employment Disputes
  • Criminal Prosecution Defence
  • Property Disputes
  • Data Protection
  • Tax and VAT Investigation
  • Personal Injury Pursuit
  • Wrongful Arrest Defence

Optional covers will include:

  • Contract Disputes
  • Statutory Licence Protection
  • Debt Recovery

The cover is completely flexible and can be tailored to suit your specific situation.

To help ensure that you’re well-protected, we’ll advise and provide you with the most effective cover. We’ll also help you to understand how any existing and new legislation affects your business and your level of protection.

To find out more about this cover and how we can help you ensure that your business is protected in all aspects of Management Risks Insurance, please contact a member of our team for an informal, friendly discussion.

With an ever increasing use of technology, businesses are becoming more exposed to the potential hazards that come with its use, such as criminal activity and misuse. Although exposures can vary depending on the nature of the business, the severity of loss can lead to a company’s failure.

We’d advise that you consider this insurance as protection can safeguard your business from the financial impact of a loss.

Do I need it?

Using the Internet, e-mail or any business network exposes you and your business to hacking, fraud, viruses and information misuse. Expensive lawsuits, lost business or damage to your network and reputation could cost you more than you think.

Insurance can protect your business financially if someone brings a claim against you arising from your use of the Internet, e-mail, intranet, extranet or your website.

A typical policy will cover your company for:

  • Breach of Privacy
  • Breach of electronic communications statutory duties
  • Defamation
  • Infringement of Intellectual Property Rights
  • Inadvertent Transmission of Viruses etc.

To find out more about this cover and how we can help you ensure that your business is protected in all aspects of Management Risks Insurance, please contact a member of our team for an informal, friendly discussion.

Professional indemnity insurance covers you for any compensation sought by a client and related legal costs, if you’ve made mistakes or are found to have been negligent with regard to your work or the advice that you have given.

We’d advise that you consider this insurance as it covers you against factors such as any claims against you relating to negligence, loss of data, breach of confidentiality, and many others.

Do I need it?

This may be a topic that you haven’t had to think about until now, but if you offer advice to your customers, or sell your ‘skill’ or ‘knowledge’, we’d recommend that you check whether you’re fully insured.

Professional indemnity insurance is important if you need to cover yourself from any unfortunate incidents that could affect your business and lead to disputes. It can offer real benefits by protecting you from the often expensive legal proceedings with which you may become involved.

If you are a lawyer, accountant or financial / insurance adviser, then you must have professional indemnity insurance. But increasingly greater numbers of professionals and business people who offer advice, sell skills or knowledge, opt for this protection by taking out such cover as well.

To make sure that you’re not exposed to any risk, we’ve outlined some key points below so you can make an informed decision on this important issue.

A typical policy will cover your company for: 

  • A negligent act or error made during the course of your duties
  • Unintentional infringement of intellectual property rights
  • Loss of data or documents entrusted to you
  • Unintentional breach of confidence
  • Unintentional libel or slander
  • Dishonesty (by a director or employee)
  • Trademarks infringement
  • Passing off copyright
  • Libel or Slander or Defamation
  • False attribution of authorship
  • Malicious falsehood
  • Downloading of viruses to third parties
  • Breach of Contract

The cover is completely flexible and can be tailored to suit your specific situation.

To help ensure that you’re well-protected, we’ll advise and provide you with the most effective cover. We’ll also help you to understand how any existing and new legislation affects your business and your level of protection.

To find out more about this cover and how we can help you ensure that your business is protected in all aspects of Management Risks Insurance, please contact a member of our team for an informal, friendly discussion.

Errors and Omissions Liability is the insurance that covers your company, or you individually, in the event that a client holds you responsible for a service you provided, or failed to provide, that did not have the expected or promised results. For doctors, dentists, chiropractors, etc., it is often called malpractice insurance. It covers you for errors or omissions that you have made or that the client perceives you have made.

Do I need it?

If you work in professional roles such as accountants, architects, consultants and engineers, it’s important that you consider the financial impact that could be incurred by your business in the event of judgements, settlements and legal costs being awarded against you.

A typical policy will cover your company for:

  • A negligent act or error made during the course of your duties
  • Unintentional infringement of intellectual property rights
  • Loss of data or documents entrusted to you
  • Unintentional breach of confidentiality
  • Libel or Slander
  • Dishonesty (by a director or employee)
  • Infringement of copyright

To find out more about this cover and how we can help you ensure that your business is protected in all aspects of Management Risks Insurance, please contact a member of our team for an informal, friendly discussion.

Trustees are faced with a great number of statutory duties and obligations such as those imposed by the Trustee Act 2000 and more recently the Pensions Act 2004 which introduced a new statutory requirement for ‘knowledge and understanding’.

Trustees who breach their duties or responsibilities may place their personal assets at risk should they be found to be personally liable for any loss experienced as a result of their actions. Trustees may also incur criminal penalties through acting improperly or fraudulently, or civil penalties by contravening statutory requirements.

Do I need it?

Pensions Trustees Liability insurance is a simple and cost effective means of transferring the risk for trustees, offering peace of mind to Sponsoring Employers, Corporate Trustees, Pension Scheme and Individuals.

A policy could provide advanced funds to cover defence costs in addition to providing cover for settlement of an action. Depending on specific coverage afforded, a Pensions Trustees Liability policy can provide the means of protecting the assets of individual trustees, sponsoring employers, pension schemes and their employers

To find out more about this cover and how we can help you ensure that your business is protected in all aspects of Management Risks Insurance, please contact a member of our team for an informal, friendly discussion.

A well managed business may have a system of checks, references and supervision so they can protect their assets from theft by employees. These systems however, will not eliminate the risk completely.

Fidelity Guarantee insurance can protect a business from loss of money, securities, or inventory by employees resulting from dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.

These type of situations can evolve in different ways such as: taking advantage of any potential weakness in your company’s financial controls, fictitious employees, dummy accounts payable, non-existent suppliers to outright theft of money, securities and property.

Do I need it? 

Fraud and embezzlement in the workplace is on the rise, occurring in even the best work environments. With strict written procedures in place a company can still be exposed to financial loss through the dishonest activities of employees.

A typical policy will cover your company for:

Loss of money or goods caused by acts of fraud or dishonesty on the part of one or more of your employees including

  • Fraud using computers
  • Auditors’ fees incurred when investigating a claim

To find out more about this cover and how we can help you ensure that your business is protected in all aspects of Management Risks Insurance, please contact a member of our team for an informal, friendly discussion.

Intellectual Property (IP) refers to a legal entitlement which sometimes attaches to the expressed form of an idea, or to some other intangible subject matter. This legal entitlement generally enables its holder to exercise exclusive rights of use and IP may be protected at law in the same way as any other form of property.

Intellectual Property can apply to a brand, invention, design or other kind of creation which can be legally owned.

Do I need it?

You need IP insurance if the threat exists that you could be sued by a competitor for infringing on an idea or if there could be an infringement of intellectual property belonging to you.

Costs of defending yourself or your business in the event that someone tries to claim the same IP as you can be very high and damaging to your business. The policy will pay the defence costs and any judgement up to the policy limits.

To find out more about this cover and how we can help you ensure that your business is protected in all aspects of Management Risks Insurance, please contact a member of our team for an informal, friendly discussion.

Credit Insurance can protect a business against the potentially disastrous effects that can occur as a result of bad debts. However, what many do not appreciate is that a Credit Insurance policy provides a range of additional benefits and not just bad debt insurance.

As those who have Credit Insurance are aware, Credit Insurance policies provide access to unique, continually updated, financial information on both new and existing customers.

Credit Insurance helps to ensure that a business has a secure financial foundation enabling it to remain profitable and in a strong position to develop and grow with confidence. With a Credit Insurance policy in place you are armed with a powerful financial and economic information source enabling you to develop business with successful and secure partners, proving that a Credit Insurance policy is also a powerful marketing tool.

Do I need it?

There are many types of Credit Insurance policy available that can be tailored to your own particular requirements. Whether you want to credit insure your entire customer base or just require a Credit Insurance policy to provide information and security on your export debts, CCI are ideally placed to negotiate a Credit Insurance policy that is right for you.

A request for a Credit Insurance quotation commits you to nothing and highlights, in more detail, the many benefits to be derived from a Credit Insurance policy such as: benefit from the security and information afforded by a Credit Insurance policy, as well as access to sophisticated debt collection and legal recovery services.

A Credit Insurance policy can even provide you with improved access to competitive funding solutions.

To find out more about this cover and how we can help you ensure that your business is protected in all aspects of Management Risks Insurance, please contact a member of our team for an informal, friendly discussion.

A Performance Bond (or Surety Bond), is a ‘Contract of Guarantee’ in which the guarantor undertakes to pay damages to a third party if there is a breach by his contractor.

In the construction industry, Performance Bonds issued by insurance companies are used to reassure employers that the contractor will perform in accordance with the building contract. Performance Bonds can include the following Surety and Guarantee Products:

  • Performance Bonds
  • NHBC Bonds
  • Bid Bonds
  • Retention Bonds
  • Advance Payment Bonds
  • Section 38 & 104 Bonds

We can also provide you with quotations on the following:

  • Rent Guarantees
  • Deposit Guarantees
  • Deferred Consideration Bonds
  • Bespoke Surety Products
  • Court Bonds
  • ABTA, CAA. IATA etc. Bonds

To find out more about this cover and how we can help you ensure that your business is protected in all aspects of Management Risks Insurance, please contact a member of our team for an informal, friendly discussion.