Special risks require special know-how

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, executives 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 involved 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.
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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 your 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.

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In times of advancing globalisation, 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 stipulated by 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.

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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.

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, 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 cases of termination based on discrimination or whistleblowing.