Different businesses require different cover, Jon Wilford at Aon Risk Solutions tells us why...
Why you may need specialist insurance
Different businesses will require different insurances, and some of these are quite specialist insurances.
Anyone who gives advice such as solicitors, accountants, media companies or public relations companies would normally require professional indemnity insurance, and some of these are actually required by their regulator before they can conduct business. That will protect the company from any errors and omissions that they make, which they could then be sued for. So it would put an insurance in place so that if you made an error as a company you would be able to claim that under your insurance policy.
Another form of insurance that businesses very much are looking at nowadays is director and officers insurance and that protects the company if there is a negligent act by one of the directors, because they can be held individually responsible. So that would protect the company and give them funds to defend themselves in the event of a claim by a third party, such as Health and Safety Executive, that kind of organisation.
Another form which has really come to the fore in the last 24 months really, is cyber insurance. That protects companies from things like hacking and phishing enquiries that come in either by email or where their websites are hacked into or their computer systems are hacked into, and will pay out for things like loss of data, loss of personal information and it protects the company in the event of one of those cyber attacks happening.