Three Professional Risks Covers to become part of Norwich Union’s segmented Commercial products
From 1 February 2006, the professional risks covers of Professional Indemnity, Employee Dishonesty and Directors and Officers will be available as part of Norwich Union's segmented commercial products. Currently these covers are only available as stand-alone products.
Directors and Officers
Provides cover for losses and defence costs that a business may be liable to pay arising from the wrongful act of a current or former director. Potential customer businesses are likely to be:
- UK based
- small to medium sized entities, including private limited companies, charities, clubs or associations
- established for more than three years
Professional Indemnity
Covers civil liability claims arising from negligent or dishonest errors, acts or omissions committed in the conduct of the business.
- UK-based domiciled
- Undertake their work in the UK with only limited ancillary overseas work
- Be small to medium sized firms with fee income up to £5m (consultants) or turnover up to £50 million (contractors)
- Have a good or improving claims experience
- Be able to demonstrate a positive attitude to risk management
Employee Dishonesty
Employee dishonesty is often a business risk that remains uninsured. As developing information technology leads to an increase of employee theft and fraud, there has never been a better opportunity to promote this cover.
The policy protects businesses against loss of their property following employee theft or fraud. Insured property includes money, stock, work in progress, equipment and machinery. It also extends to cover money and property that is owned by a third party but under the control of the business.
A wide range of organisations, including most existing Norwich Union clients, are potential customers.
For further information please see:
- News In Brief (out after the 10th January 2006)
- e-broking for regular updates. So keep visiting!
