We start our approach with our clients with the premise that all will be at least insured with the minimum the law requires. It is important to help our clients understand the risks they face within their own industry and how they can mitigate these risks. Sometimes the minimum the law imposes is by far not enough to cover the whole risks they face and it’s that decision they need to understand and make. We help them make an informed decision about it based on various matters that they need to assess as priority, whether that is their cash-flow or simply because they were never informed about such risks before.
1. Professional Indemnity Insurance (PI)
Professional indemnity insurance protects you and your business against claims for alleged negligence or breach of duty that causes financial loss arising from an act, error or omission in the performance of one’s specific professional service.
2. Directors and Officers Liability Insurance (D&O)
It is the personal liability of Directors (executive, outside entity, nominee or otherwise) and officers towards their shareholders, employees, the State and the public at large that the directors and officers are personally – or as a group – exposed to during and as a result of their normal day to day execution of their duties in their capacity as directors or officers – even if and when they are acting in good faith.
D&O insurance will normally reimburse the costs resulting from law suits and judgements arising out of poor management decisions, employee dismissals, shareholder grievances and other such acts committed in good faith. Criminal offences are not covered under this insurance.
3. Commercial Crime, Money and Fidelity
This policy protects the policyholder from any fraudulent or other acts committed by the employees of the company, relating to employee dishonesty, computer fraud, forgery or alteration and theft that causes material losses to the company or its clients.
4. Cyber Liability Insurance
This policy will protect your business from any losses incurred if someone steals any data from your records, including employees who have left or are simply disgruntled. Some policies will even compensate for the cost involved in hiring a firm i.e. PR firm, to assist in reinstating the company’s ‘good name’.
5. Employers Liability Insurance (EL)
An insurance policy that protects employers from liability arising from disease, fatality, or injury to employees resulting from workplace conditions or practices (employer’s negligence). Some jurisdictions, including Cyprus, make it compulsory for employers to buy such insurance.
6. Public Liability Insurance (PL)
PL Insurance protects you and your business against the financial risk of being found liable for personal injury, property damage and economic loss due to a negligent act by you or any of the employees of the company.
7. Products Liability Insurance
Product liability cover protects you in the event that your product causes injury or damage to a person or their property. You could be liable to pay compensation in these circumstances even if you didn’t manufacture the product, and the costs can be severe. You might be liable if your business name is on the product, if your business has repaired or made changes to the product, if you imported it, if you can’t clearly identify the manufacturer, or if the manufacturer has gone out of business.
8. Fire and Special Perils Insurance
Fire and special perils policy is an insurance contract that safeguards the insured against unforeseen contingency caused by accidental fire, lightning, explosion/implosion, natural calamities etc. The list of perils one wishes to insure is very comprehensive and is depended on the risks each business wishes to cover. ‘All Risk’ policies are also available, these offer a much wider definition of cover including accidental damage cover. All risk policies will not name the perils covered under the policy but the perils not covered i.e. the exclusions from the policy.
9. Marine / Marine Cargo Insurance
This is insurance of property as it moves from place to place. It insures against loss or damage arising from perils associated with the navigation of goods by sea and air and subsequent land and inland waterways. The levels of cover offered vary according to the type of goods and the basis of cover the client chooses.
10. Group Risk Insurance
The term Group Risk insurance incorporates all the related group policies a business could offer as employee benefits, including Group Life Insurance, Group Critical Illness Insurance, Group Travel Insurance, Group Pensions, Group Medical Insurance, etc. It will also cover more specialist policies like Shareholder/ Partnership protection, Key Persons Insurance etc.