Royal & Sunalliance's professional and financial risk (Profin) specialist is launching a portfolio of insurance policies designed to safeguard the financial solvency of companies and their directors, in the UK and worldwide.
The new Management Assurance product portfolio contains a range of seven insurance policies. These include employment practices liability, directors' and officers', libel, pension scheme liability, professional indemnity, crime insurance and kidnap, ransom and extortion.
Royal & Sunalliance said the policies are designed to protect employers faced with UK statutory offences, European directives, a growing number of health and safety and employment laws, white collar crime and extortion risks.
“The line between prosperity and financial ruin has never been thinner for company directors,” said Nigel Salisbury, Profin's UK and European Practice Leader. “Regulatory pressure is intense with sanctions against company directors ranging from fines, to disqualification and even imprisonment.”
Three business law specialists Addleshaw Booth & Co, Eversheds and DLA are providing Profin policyholders with access to legal news updates, relevant periodicals and publications, training and seminar information and helpline assistance.
These services can be accessed by telephone, online or face-to-face throughout the UK.
HR Care, a new employment practices liability (EPL) loss prevention tool, is also being provided free of charge to EPL policyholders who pay a premium of £5,000 or more. By logging on to a secure website, policyholders have access to international legal guides, newsletters, employment law updates, daily newswires, self-audits, discussion groups and training technology.
Small and medium-sized enterprises (SMEs) and owner-managed businesses can take up FirstAssist BusinessCare, which provides help with legal, employment, health and safety and tax issues. Grant Thornton offers a range of information services to SMEs.