Howden provides a well-structured and comprehensive solution to safeguard SMEs from the everyday risks of modern business, allowing you to navigate confidently without concern for unexpected challenges.
Our recommended SME bundle
- Errors and Omissions Insurance,Safeguards you from the consequences of mistakes made in client projects.
- Directors' and Officers' Insurance, Covers expenses related to official investigations and legal actions resulting from directors' mismanagement of company affairs.
- Cyber Risk Insurance, Offers an immediate response team and covers financial losses resulting from a cyber attack.
The Howden SME Suite: Three Essential Insurances in One Cost-Effective Package**
Operating in a globalized business environment increases the risk of litigation. To secure your business’s future, it is crucial to manage your risks effectively.
1. Professional Indemnity / Errors and Omissions (E&O) Insurance**
If your business provides advice or services, every client interaction carries the potential for a lawsuit. Professional indemnity insurance (PI) covers costs arising from errors or omissions—whether it’s a mistake, miscalculation, or oversight.
A robust PI policy should also cover:
- Loss of documents (in various formats)
- Accidental disclosure of confidential client information
- Defamatory statements
- Unintentional use of third-party intellectual property
- Dishonest acts by employees
2. Directors’ & Officers’ (D&O) Insurance: Protect Your Family from Business Risks**
Any allegation against a director or officer, no matter how baseless, must be vigorously defended to protect their reputation. D&O insurance covers legal defense costs and any damages or settlements from claims, including:
- Employment practices liability
- Regulatory compliance failures
- Claims by disgruntled shareholders
- Misrepresentation of company assets
- Misuse of company funds
Directors and officers are jointly responsible under the law, which means even non-executive directors can be held accountable for the actions of others.
3. Cyber Insurance: Protection Against the #1 Emerging Threat**
Cyber insurance is often misunderstood, yet it is essential for modern businesses. Unlike traditional policies that work on a reimbursement basis, cyber insurance provides immediate access to a network of experts—IT troubleshooters, breach forensics, specialized lawyers, and media handlers—when a cyber attack occurs.
Cyber insurance covers:
- Emergency incident response
- Loss of income
- Extortion costs
- Data restoration costs
- Legal defense fees and damages
This insurance helps you recover from cyber incidents like malware, denial of service (DDoS) attacks, operational errors, employee sabotage, data breaches, and violations of privacy laws like GDPR.
- Why Cyber Insurance is Crucial for Businesses of All Sizes
- Mistakes happen—even smart employees can make irrational decisions that compromise data security.
- Cybercriminals constantly develop new tactics to deceive employees, sometimes unintentionally involving them in breaches.
- A significant number of hacks and breaches result from the actions of disgruntled employees.
For full details on our comprehensive coverage, please reach out to us.
