Risk and Liability Insurance
Risk and liability insurance focuses on protecting the company, and individuals within it against negligence, breach of duty of care, errors and omissions when providing their professional services. Especially in services such as financial services or design, architecture, and human or computer systems, errors can occur and undermine the services for their clients.
Such errors can result in large lawsuits, which may end with your company or your employees being held responsible. Risk and liability insurance products can cover the costs of even the most frivolous claims against both company and employees, including Directors in their personal capacity.
Risk and liability insurance must include the following covers
Professional Indemnity/ Liability, Errors and Omissions Insurance
Protects the professional against the legal liability to pay damages to persons who have sustained financial loss arising from their own negligent act, error or omission and of their employees in the course of the insured business.
Directors and Officers Insurance
This cover is designed to protect individual directors or officers of a company against an action brought against them. Directors & Officers have a personal liability, and if they are not able to seek reimbursement from the company, this coverage can provide it.
Cyber Insurance
Cyber Insurance will provide financial reimbursement cover for first and third party risks, such as a data breach or ransomware attack or a third party financial loss to a client.
Crime Insurance
Crime insurance will cover employee dishonesty and also third-party misappropriation of funds, and other crimes.
Hong Kong Business Insurance Package
Hong Kong Business Insurance Packages offer an extensive range of protection under a single, easy-to-use insurance policy, including the mandatory Employee Compensation Insurance and a bespoke range of other coverage to give your company the most comprehensive protection possible.
All insurance products are marketed under the brand name of Lifestyle Insurance, a registered trade name of Platinum Financial Services.
Lack of medical insurance can cost you money
Group medical insurance is not legally required but it is a key benefit to offer and include in any company’s employee benefits package. Having medical coverage in place for your employees shows not only that you care about them and their wellbeing (the retention aspect), but it can translate directly into fewer sick days taken by them, and increased productivity.
On the other hand, the combined cost resulting from productivity loss, chronic diseases, work-related injuries and illnesses costs U.S. businesses $2.2 trillion annually, according to the Global Wellness Institute.
It’s a similar matter with mental health. The cost of workplace absenteeism due to mental health reasons reached £14 billion in 2020 in the UK alone. These are all costs companies like you have to suffer if your employees are not well, be it physically, or mentally.
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