This covers company directors and officers against third party claims (suppliers, creditors, different litigations from employees, competitors, shareholders, etc.) arising from their decisions and management in the course of their duties or mandate. This is valid both for breaches of legal, regulatory or statutory requirements, and any management fault committed through carelessness or negligence, by omission, error, inaccurate declaration, etc.
Coverage:
- The defence costs for directors in cases where they are held to be personally liable
- The financial consequences of a director’s liability when these can be insured, including sanctions pronounced by an official authority
- The defence costs and consequences for the company
This protection considers that risk-taking is part of day-to-day life. Insurers provide genuine assistance and prevention.
Cyber insurance
This covers the risks relating to a cyber incident, usually targeting a company’s personal and confidential data. These data breaches frequently generate regulatory sanctions, seriously damage the company’s image and affect its long-term existence.
To protect against the devastating impacts of a cyberattack, the available coverage generally includes the:
- assistance and management in handling the crisis
- responsibilities relating to the data
- investigation costs
- recovery of electronic data
- network disruption
- costs linked to cyber extortion
It is important to note that cyber insurance currently provides complete support in terms of prevention and assistance, with guidance from experts in cyber security and crisis management, as well as lawyers to support the victims.
Fraud insurance
Although initially destined for financial institutions, this guarantee today extends to all types of company, covering the financial losses resulting from acts of internal and external fraud committed by employees or third parties, such as the misappropriation, criminal or fraudulent acquisition or appropriation of capital, goods or securities, technological or financial assets.
A necessary state of awareness
It is essential for companies to assess the risks they are facing on a regular basis, draw up appropriate management plans and consider suitable insurance solutions to limit the impact on their activities. For these reasons, consulting an insurance expert is recommended action in order to assess the specific risks relating to the company’s ecosystem and to determine the most appropriate coverage. In this, a broker can provide precious information and advice.
At Swiss Risk & Care, we offer specialist expertise and personalised advice, with access to a wide range of insurance products in response to these new risks.
10 (good) reasons for taking out Fraud insurance
Worldwide, 47% of companies have been victims of fraud within the last 24 months, with an average of 6 cases per company. Source: PwC – 2020.
1 Claims related to fraud are increasing constantly
2 The financial consequences of fraud are escalating
3 All sectors are now affected
4 The losses can be much greater than we imagine
5 Insiders are generally among the biggest fraudsters
6 Directors may quickly find themselves in a very vulnerable situation
7 The number of transactions, extent of restructuring and outsourcing increases the risk of fraud
8 Companies are increasingly vulnerable due to the multitude of existing structures
9 Internal checks are insufficient in themselves to guarantee complete reliability
10 Financial protection should be a consideration in current times in an effort to compensate for some losses
