WHY YOUR COMPANY MAY NEED PROFESSIONAL LIABILITY INSURANCE
Consider the impact of a $100,000 lawsuit on a company or a multimillion-dollar lawsuit. Most companies can’t absorb that kind of loss without feeling dramatic, possibly devastating effects. Yet such costs are only part of the financial pain. It is difficult to place a value on the hassle, lost time, and damaged reputation that may result from a professional liability lawsuit.
A professional liability lawsuit can be triggered by almost anyone who is “touched” by the professional service.
For example
Recommendations a human resources consultant makes to an organization can affect thousands of people; therefore, a human resources consultant has an extremely broad professional liability exposure.
Another important thing to remember is that a company doesn’t have to do anything wrong to be sued. In fact, a large proportion of lawsuits are meritless. Even so, such lawsuits must be defended, and that can be costly. Professional liability insurance covers these legal defence costs.
This policy will cover your company and all subsidiaries, past and present directors, officers, partners and employees for claims brought against them while performing professional services.
Features:
- Worldwide cover.
- Past, present or future partner, director, officer or employee whilst conducting professional services.
- Full severability of cover, wherein no fact pertaining to or knowledge possessed by any insured person, shall be imputed to another insured person to determine available cover.
- No retroactive date.
- Extended Reporting Period available if the insured cancels or does not renew.
- Written demands for monetary damages in civil proceedings in Singapore or overseas. It also extends to cover formal investigations by regulatory bodies and arbitration proceedings; judgements and settlements.
- Coverage for acquired subsidiaries, run-off coverage for sold companies.Fidelity Guarantee cover can be provided by way of a separate policy with a separate limit of liability.
Who has a Pontential exposure
- Advertising / Public Relations / Marketing Consultant / Marketing Research
- Call Centre / Outsourcing - Payroll Services
- Claims Adjuster
- Coaching / Training Company
- Construction Manager
- Data Conversion or Data Disposal / Translator / Interpreter / Auction Company
- Debt Collection Agency / Alternative Dispute Resolution
- Escrow Agent – Neutral Party that holds Funds for a TransactionTraining, Advertising / Customs Broker
- Executive Search / Recruitment & Staffing Firm / HR Consultant
- Event Planner / Wedding Planner / Travel Agent / Printer / Graphic Designer
- Inspection – Only Utilities like Boiler, Elevator, Fiber Optic, Lumber, Piping
- Investment Mnager
- Management Consultant / Industry Research for Businesses
- Marine Survey – Pre-Purchase Surveys for Non-Commercial Boat or Ship
- Property Manager / Interior Designer / Landscape Architect
- Screening Polygraph Operator / Trust Company
- Services to Legal Courts / Services for Transfer of Property
- System Design –Fire Sprinkler, Solar Electrical System Design
- Tax Preparation & Bookkeeping / Fundraising for School or Non-Profit
- Testing Lab Service – Mechanical, Window/Door; Chemical, Water, Air, Paint, Vet
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