Your special risks require our special know-how

Special risks

Special risks require special know-how

As a company, it is important to adapt to a changing environment and keep an eye on new risks. With digitalisation, new communication methods and changing business models, new insurance solutions are needed.

For liability and cyber insurance

We understand everything about insurance cover. So we can also support you with our know-how in special areas such as cyber insurance, directors’ and officers’ liability insurance (D&O), financial loss liability insurance for pension funds (PTL), professional indemnity insurance (PI), fidelity insurance (Crime), kidnap, extortion and ransom insurance (K&R) and employment practices liability insurance (EPL).

Your added value

 

• Identification of risks Risks in partly new fields
• Solid review of current solutions for a sound basis for decision-making
• Comprehensive insurance cover which is the best value for money
• Individual products with holistic consulting approaches (from risk management to insurance solutions)
• Specialists with many years of market experience and extensive know-how

Our consulting on your special risks

More and more legal requirements mean there is an ever greater demand for prudent corporate governance, regardless of whether the company is a public or private limited company or a foundation. Today, executive and other corporate bodies, of small to large companies, are facing big challenges meeting their corporate responsibilities.

Liability suits are being launched against board members and managing directors – also in Switzerland. When they take on board functions, executives face a significant risk of becoming embroiled in personal responsibility lawsuits, whether justified or unfounded. If a company runs into financial difficulties or goes insolvent, shareholders and creditors file claims for damages against executives.

In addition, an increasing number of criminal investigations and indictments and lawsuits from tax authorities and social insurers are taking place.

Safeguarding the company’s assets and especially the private assets of its responsible officers is an existential matter. Optimal insurance cover protects assets and fends off unjustified claims.

 

We will be happy to give you comprehensive advice.

Swiss pension funds are managers of significant assets. Dealing with this capital, which must be managed carefully, efficiently and safely in the interests of the insured, is a huge responsibility for all those involved.

The individuals entrusted with the administration, management and monitoring of the pension fund are liable for any losses they cause, putting all their private assets at risk. As the supreme body, the board of trustees is responsible for the management of the foundation and therefore for the administration of the foundation assets. Given volatile capital markets, actuarial imponderables and increased liability, the need for adequate protection is growing.

The cover from financial loss liability insurance is tailored to the individual needs of pension funds and their governing bodies and provides comprehensive protection of private and foundation assets. The insurance covers indemnification of justified claims or a defence against unfounded claims against the foundation (professional liability) or against one or more persons (directors’ and officers’ liability).

If desired, fidelity losses (employee crime) can also be insured.

Companies of all sizes are increasingly falling victim to criminal acts committed by employees or third parties, such as theft, fraud, defamation, misappropriation of assets or betrayal of business secrets. The financial losses, especially for small and medium-sized enterprises, are often large and can be existential.

There are appropriate insurance solutions for these fidelity losses.

Fidelity insurance protects you as a company not only against financial losses that may be caused by your employees, but also against damage caused by third parties in the form of robbery, theft or, more recently, very sophisticated cases of social engineering.

 

We support you with our sound expertise and help you find the right product on the market.

As the world globalises, many companies are becoming increasingly active internationally. Attempts to extort money – including from employees – and kidnapping for a ransom are occurring more frequently and are now a real and everyday threat in many parts of the world, including Europe. Any company can be affected by this, especially when travelling and doing business abroad.

An employer’s duty of care is enshrined in law. Companies are obliged to exercise caution and prudence towards employees in order to avoid risks and prevent foreseeable damage.

K&R insurance covers not only ransom and extortion money, but also costs for professional security services. Other components include, for example, costs for politically induced urgent repatriation as well as the costs for recovery, rehabilitation and personal injury.

 

Our experts will be happy to advise you on any insurance solution.

Professional indemnity insurance is financial loss insurance for certain professions that are exposed to an increased risk to third parties from incorrect advice, negligent omissions or a breach of duty of care. For example, if an architect makes a planning error, a doctor gives an incorrect diagnosis or a lawyer misses a deadline.

Certain professions are required by law to have professional liability insurance in place, such as lawyers.

Other professions for which professional liability insurance is advisable include engineers, trustees, tax and management consultants and asset managers.

Professional liability insurance can often be taken out in combination with public liability insurance, which covers the liability of companies for personal injury and property damage, and fidelity insurance, which covers the company against theft by employees or third parties, for example.

New communication channels and digital business processes have been part and parcel of business life for some time now. IT infrastructure is becoming increasingly complex. At the same time, reports of incidents such as hacker attacks and data theft are also increasing. Cybercrime has become a huge business. Around 80% of all cyber attacks target SMEs.

 

Identifying risks

The consequences of cyber attacks can be devastating: the company may be paralysed for days – to the detriment of suppliers, clients and partners. Contractually guaranteed services and goods cannot be delivered and non-performance penalties can be imposed. If confidential data gets into the public domain or a hacker accesses payment information, this can quickly become very costly or result in reputational damage.

 

Safeguarding the consequences
Verlingue, together with a leading insurer and two companies specialising in cyber security, offers holistic cyber risk management advice. The aim of this advice is to identify risks, determine suitable measures, train employees (awareness training) and transfer the risk to a customised and exclusive insurance solution. Our cients benefit from an unique product and attractive conditions on the market.

Your added value
• Holistic consulting approach from risk management to insurance solutions
• Targeted dialogue to detect and identify risks and their effects
• Structured analysis of IT systems and processes by security experts
• Comprehensive report from the IT security assessment as a basis for any risk transfer measures
• Additional services such as employee training and business continuity discussions
• Attractive insurance solutions and a product for SMEs that is unique on the market

 

Our experts will be happy to provide you with additional information or advice.

EPL covers companies and their employees for claims arising from the employment relationship in the event of discrimination, unfair dismissal, passed-over promotion or sexual harassment and other reasons. Discrimination – whether actual or alleged – can occur on the basis of age, gender, race, religion, origin, sexual orientation, etc. The insurance covers the defence against unfounded claims, as well as lawyer’s fees and court costs and compensation within the scope of the sum insured.

Claims from a company’s clients or contractual partner can also normally be covered. Claims arising on account of discrimination have increased significantly in Switzerland in recent years, in particular in cases of termination based on discrimination or whistleblowing.