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1 The Towergate Interim Manager guide to insurance programmes Interimwomen.com is a trading name of Russam GMS Ltd which is an Introducer Appointed Representative of Towergate Underwriting Group Limited. Towergate and Towergate Risk Solutions are trading names of Towergate Underwriting Group Limited which is authorised and regulated by the Financial Services Authority.

2 Contents 1) Introduction 2) Professional Indemnity 3) Public Liability 4) Employers Liability 5) Directors and Officers We are pleased to provide Russam GMS Members with this easy to understand insurance guide. As the largest independent insurance intermediary in Europe we pride ourselves in having extensive expertise and knowledge of the insurance market. We work with our clients as a team to ensure that we fully understand their insurance needs and to provide them with the most appropriate solution. Working closely with Russam GMS we have developed an insurance solution to meet with the needs of the interim membership.

3 Professional Indemnity So what is Professional Indemnity (PI) Insurance? This covers your liability for financial loss to clients (or other third parties) as a result of breach of professional duty, errors or omissions, or negligent acts in your capacity as their Professional Advisor. Why do I need PI? You may need professional indemnity insurance if you: Regularly give advice to your clients Handle data belonging to a client or business Are responsible for a client s intellectual property Provide a professional service and could be challenged on your work You may feel confident in the quality of your work, but any small business is vulnerable to a claim of negligence when professional advice or services fail to meet a client s expectations and cause financial loss. Even if the advice you have given was correct a spurious claim could cost you a significant amount of money in legal fees to bring it to a conclusion. You carry a responsibility to your clients, who have a legal recourse against you for financial loss resulting from errors or omissions in your work. An agency contract will not protect the Interim Manager in these circumstances. Clients are increasingly asking to see proof of PI cover before awarding you their contract. PI claims can be substantial and therefore without PI insurance your reputation, business and home could be at risk. What will a PI policy cover? A PI policy can cover the cost of any compensation claim plus the legal costs incurred in defending you up to the policy limit of indemnity. A PI policy can provide you with protection against claims for; Negligent act, error or omission Loss of documents or data Infringement of intellectual property rights Libel or slander Unintentional breach of confidentiality Dishonesty of employees Other civil liability How much cover do I need? The limit of indemnity is often selected by reference to a requirement within the contract terms. Such limits are ever increasing, levels of up to 1m- 5m are common. However such a recommendation does not limit your potential liability so you need to assess the level of protection you require (possibly in excess of that the contractual limit) and purchase cover accordingly.

4 Make sure you know what you re buying! When buying professional indemnity insurance, look out for a civil liability wording, which will give you the widest cover as compared to a negligent act, errors and omissions only wording. A civil liability wording is broader than a negligent act, errors or omissions policy as it also indemnifies you for claims arising from strict liability, where no negligence is involved. You should also look out for the basis of claims settlement. The widest cover will be on an any one claim basis with legal costs payable in addition, whereas many policies only offer cover on an aggregate basis with legal costs inclusive. An any one claim basis means that you are indemnified up to the limit of indemnity for each and every claim that you have, as compared to in the annual aggregate, which means that the maximum amount insurers will pay out for all claims in the policy period is the limit of indemnity. If you have a number of claims your limit of indemnity could quickly be used up if on an aggregate basis. Indeed there can be a risk that your limit could potentially be exhausted by one or more spurious claims. In such circumstances asking insurers to top up the cover to provide protection for the rest of the insurance year can be very expensive. It is also important to look out for whether legal costs are included within the limit of indemnity or whether they are payable in addition. Legal costs can be very high and therefore we would recommend that you take out a policy which has legal costs payable in addition. What is a claims made policy? Professional indemnity insurance is provided on a claims made basis. The policy that is in force when the claim (or circumstance giving rise to a potential claim) is first discovered and notified is the policy that will respond, irrespective of when the error or omission occurred. Cover therefore ceases when a policy is cancelled even in respect of work done whilst the policy was in force. For example you may buy cover when working on a specific contract and cancel it when the contract is finished. If an error is found in a month or a year s time relating to work done whilst the policy was in force, there is no cover as the policy was not in force when the error was discovered. What is retroactive cover or retroactive date Insurers routinely insert a retroactive date within PI policies. Claims arising in the future out of work done prior to that retroactive date are excluded. It is sometimes possible to pay an additional premium for insurers to waive this restriction. Insurers usually impose a retroactive date when cover is purchased for the first time or for the increased level if a new higher amount of cover is purchased. As mentioned above this restriction can sometimes be avoided by payment of an additional premium. The Towergate Russam GMS and Interim Women Professional Indemnity scheme offers 3 years free retroactive cover for new buyers.

5 What excess is reasonable for me to pay? The excess applicable to the policy is the first amount that you will have to pay in the event of a claim. Excesses can vary dependant on the insurer you select and can be found in the policy documents. Towergate and Russam GMS have negotiated an Exclusive Professional Indemnity scheme for members with one of the UK s leading insurers Hiscox Member Benefits include: Exclusive Premiums Low excess 0% finance option 3 years free retroactive cover for new PI buyers Full Civil Liability wording Any one claim basis with legal costs in addition Limits of indemnity from 100K to 5M Option to purchase employers liability insurance, public liability insurance and business equipment Cover is simple and easy to arrange Public Liability Insurance So what is Public Liability Insurance? Public Liability insurance will provide you with financial protection against any award made against you for compensation and damages, if third party injuries or third party property damage is caused by you or your staff in connection with your business activities. Public liability policies exclude liability for damage to property within the care custody or control of the Insured. Hence if you are given care of property belonging to others then you need to consider specific insurance on the item. You will not be protected by a public liability policy As an Interim Manager you will be spending a lot of time meeting with potential clients and working at different locations. Your agency contract will not provide you with any protection, should you cause any damage or injury whilst on an assignment or meeting with a potential client. Public Liability insurance should therefore be a key consideration for your business. An example of a public liability claim would be; Whilst you are at a client s premises you accidentally knock over a cup of coffee and the contents pour down the back of the computer, damaging it beyond repair. Public liability insurance would cover any claim for compensation and damages brought by the client or individual. Public liability insurance is not a legal requirement, but we would recommend that it would be prudent for an Interim Manager to have cover in place to protect themselves. Typically insurers offer indemnity limits starting at 1M upwards.

6 Employers Liability Insurance So what is Employers Liability Insurance? Employers are responsible for the health and safety of their employees whilst they are at work. Your employees may become injured or ill as a result of their work whilst in your employment. They might try to claim compensation from you if they believe you are responsible. Do I need Employers Liability Insurance? The Employers Liability (Compulsory Insurance) Act 1969 makes it a legal requirement to ensure that you have at least a minimum level of insurance cover against any such claims. You can be fined up to 2,500 for every day without insurance. You are required by law to take out Employers Liability Insurance if you employ people under a contract of service or apprenticeship; and must be insured for at least 5 million. However, you should look carefully at your risks and liabilities and consider whether you need insurance cover for more than 5 million. Typically insurers offer cover of at least 10 million. There are exemptions from the need to have Employers Liability Insurance as shown below*. Family businesses i.e. if all of your employees are closely related to you (as husband, wife, civil partner, father, mother, grandfather, grandmother, stepfather, stepmother, son, daughter, grandson, granddaughter, stepson, stepdaughter, brother, sister, half brother or half sister). However this exemption does not apply to family businesses which are incorporated as limited companies;* Companies employing only their owner where that employee also owns 50% or more of the issued share capital in the company Most public organisations including government departments and agencies, local authorities and nationalised industries; Health service bodies, including National Health Service Trusts, health authorities, primary care trusts and Scottish health boards; Some other organisations which are financed through public funds, such as passenger transport executives and magistrates courts committees *Information taken from the Health and Safety Executive website; Employers Liability (Compulsory Insurance) Act Further exemptions from the need to have employers liability insurance are listed at section 3(1)(b) of the Employers Liability (Compulsory Insurance) Act 1969, and schedule 2 to the 1998 regulations. For the complete guide on Employers Liability Insurance visit the Health and Safety Executive website;

7 Directors and Officers Liability What is Directors and Officers Liability Insurance? There are now more than 250 ways of breaching the laws and directives concerning the directors and officers of companies. When directors are accused of breaching these laws, actions may be brought against them personally even if they have done nothing wrong. A common misconception is that directors of limited liability companies have limited personal liabilities. This is not the case - directors personal liabilities are unlimited. Directors & Officers Liability insurance protects directors and officers against claims of wrongful acts, funding defence and settlement costs and the cost of legal representation at investigations. Without insurance, a director s personal assets are put on the line, which could mean the loss of your home, livelihood and reputation. Non- Executive Directors can also be held liable. Who can sue you and for what? Employees, shareholders, your company, creditors, regulators, customers, competitors, government or anyone else who feels that they have suffered a loss arising from the actions of an individual wrongly acting in their position, can potentially sue you. Claims can be brought for a variety of reasons including; Mismanagement Negligence Unfair dismissal or discrimination Libel and Slander Breach of Duty Anti-competitive behaviour Regulatory investigations, e.g. The FSA, Health & Safety Executive, Revenue and Customs and many more Am I protected by my client s Directors and Officers Liability Insurance? There are a large number of companies in the UK that do not purchase Directors and Officers Liability Insurance and therefore you should not assume that you will be protected when taking an assignment. It is prudent to check whether a potential client has a policy in force and if it will cover you, before you accept an assignment. Even if the client does have Directors and Officers Insurance, the cover they have may not provide the level needed to protect your personal assets fully.

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