Looking to purchase property abroad? Unique support in buying & ownership

AIPP supports the Alliance of International Property Owners – providing free knowledge, support, guides, inspiration and special offers to British buyers and owners of a foreign property

Visit the Alliance website

Protecting your Business - Complaints, Scammers and Insurance

Complaints, Scammers and getting the right Insurance protection

This blog is mainly about getting the right insurance for your business, within the overall context of protection.

We have previously addressed the associated member protection issues of Complaints and Scammers in our blog articles Complaint Handling Toolkit and our online Data Protection training, both free to use by AIPP members.

Reducing the number of harmful issues your business faces is a sensible step, but how do you protect yourself beyond that? An insurance policy can help, but what should you consider?  Three key insurances for any business to consider are:

> Professional Liability Insurance

> Cyber, Data Risk and Media Insurance

> Directors and Officers liability Insurance (D&O)

Please read on below to understand a little more about them. We are currently investigating AIPP member discount insurance rates and will be hosting a Zoominar training session soon to explain in more detail. If you would like to pre-register for this Zoominar or to get an insurance quote now for your business please email enquiries@aipp.org.uk and we will register your interest and / or pass your enquiry on to our appointed and regulated insurance broker, as you request.

Professional Liability Insurance (also referred to as Professional Indemnity Insurance)

It is now obligatory to have this kind of insurance in many countries, please check your requirements locally. This covers your liability in case of negligence by staff and Directors against customers.

If you have commercial premises you probably already have an insurance policy to cover your contents and liability for customers on the premises. But what about when you are out-and-about with clients outside of the office? You may be able to include professional liability inside your existing commercial premises policy, but this is not always the case.

Insurance characteristics:

  • A client believes you have delivered a poor service, acted negligently and threatens litigation
  • Insurance can cover costs of defending yourself and compensation
  • Damage to client property eg causing a data loss
  • Your staff sue you for injury on your premises
  • You unintentionally infringe someones intellectual property rights
  • Defamation claims against others adversely affecting your clients view of you

Cyber, Data Risk and Media Insurance

This covers an increasingly wide risk profile now typically associated with the following:

  • Government fines for data protection breached (as long as you have followed due process in protecting your data)
  • Extortion threat cover
  • Cyber / malware threats leading to loss of profits
  • Media liability cover
  • Cost of recreating data stolen
  • Data Recovery

In addition, the insurance service provided should offer the following:

  • No limit or cap on government fines imposed upon you
  • Legal advice
  • Public Relations support
  • Expert data-breach support

 

Directors and Officers liability Insurance (D&O)

This is a different type of policy with a larger scope of cover than Professional Liability Insurance and is correspondingly more expensive. This insurance protects the personal assets of company Directors, officers and their spouses. The cover protects against being personally sued by employees, vendors, competitors, investors, customers or other parties.

We are currently investigating AIPP member discount insurance rates and will be hosting a Zoominar training session soon to explain in more detail. If you would like to pre-register for this Zoominar or to get an insurance quote now for your business please email enquiries@aipp.org.uk and we will register your interest and / or pass your enquiry on to our appointed and regulated insurance broker, as you request.


 

Found this useful? Please share using the social buttons below