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PROFESSIONAL INDEMNITY INSURANCE

professional-indemnity

Because misteaks happen evry day…

The human factor and the likelihood of any given service provider making a mistake, are factors which, without the necessary provision, may very well end up costing dearly.

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DIRECTORS AND OFFICERS LIABILITY INSURANCE

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Breach of duty
D&O Insurance covers Directors and Officers, as they are liable, even through their personal property against third parties' claims (or even their own Company) for errors or oversights occurring during the execution of their duties.

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CYBER INSURANCE

cyber-insurance 

CYBER INSURANCE

 Sooner or later it will happen… 

When they lock you down… we’ve got the master key!

“There are two types of companies: those that have been hacked, and those who don't know they have been hacked” John Chambers, Former CISCO CEO

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Insurance Audit, the right hand of every business owner / Financial Controller

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You are a business owner and your business provides income for you and your family. Regardless of the size and the type of your business, there are many dangers that threaten your business, which are unpredictable and often with unpleasant consequences. To minimize the impact in case these dangers occur, you pay insurance premiums.

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COMPENSATIONS OF THE RECENT AIRPLANE TRAGEDY - GERMANWINGS

Allianz is the main underwriter of the Germanwings Airbus A320 that crashed in the Alps. The aircrafts are usually insured by the consortium of more than 10 companies that share the risk, while one of them is the main insurer.

It is estimated that Lufthansa in total will have to pay around 1 billion Dollars of which the compensation to the families is estimated that can reach up to 350 million Dollars. The amount of compensation to the airline victims' families, which are entitled to claim, is described as "unlimited". Under the Montreal Treaty, the victims' families of the air tragedy are automatically entitled of 156.000 Dollars. But this does not limit the further successful appeal at justice of the families, unless the airline proves that the tragedy is not due to their fault.

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Professional Liability Insurance – Who needs it

Any company or individual providing services should consider the need for Professional Liability Insurance. Professional Liability Insurance provides critical protection against Third Party claims arising from mistakes made by the service provider.

In today's fast-paced and dynamic business environment any service provider can make mistakes. With the economy becoming ever more reliant on service providers these mistakes will often lead to dissatisfied customers who will look to the service provider for compensation. Claims against the service provider will also often involve long and costly legal expenses which Professional Liability Insurance provides cover for. Put simply without the right insurance protection companies are at risk of financial disaster or even closure.

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EMPLOYER’S INSURANCE – IMPORTANT ISSUES

According to the Health and Safety at Work Act of 1996 (89 (I) / 1996), an employer is defined as "any natural or legal person who has an employment relationship with the employee and is responsible for the premises, business and/or facilities and includes a person who may not have other people employed under him, but who conducts economic activity or business either for profit or not».

Based on the above, the definition of the term employer is very broad and includes even the self-employed. The key element to characterize a person as an employer under the above law is therefore twofold, primarily the existence of an employment relationship and the burden of responsibility for the company and its management.

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