Financial Institutions
If your business handles sensitive customer data (such as credit card or bank account numbers), data breaches pose a serious threat to your financial stability. Cyber Liability Insurance protects startups against the expenses associated with a data breach, which can run into the hundreds of thousands of Dirhams.

A lawsuit resulting from a data breach means your business is responsible for paying legal fees, court–ordered judgments or settlements, and other court-related costs. In addition, your business will likely have to notify your customers of the breach, provide them with credit monitoring services, and invest in public relations efforts to repair your business's image. In the absence of Cyber Liability Insurance, these costs can quickly drain a startup's financial reserves.
D&O insurance policies offer liability cover for company managers to protect them from claims which may arise from the decisions and actions taken within the scope of their regular duties. Such policies cover the personal liability of company directors and officers as individuals (Side A cover), but also thereimbursement of the insured company in case it has paid the claim of a third party on behalf of its managers in order to protect them (Side B or Company Reimbursement Cover). Listed stock companies can also obtain cover for claims against the company itself for a wrongful act in connection with the trading of its securities (Side C or Securities Entity Cover).
In today's ever-shifting legal environment, employers are increasingly being held accountable for the benefits options they offer employees.Under the Employee Retirement Income, fiduciaries can be held personally liable for losses to a benefit plan incurred as a result of their alleged errors or omissions or breach of their fiduciary duties. Lawsuits against a privately owned company, its fiduciaries, and its plans can be brought by a host of parties, including:

  • Plan participants (employees).
  • The government: The Department of Labor.

Fiduciary liability claims can involve a broad range of allegations, such as:

  • Denial or change (especially reduction) of benefits.
  • Administrative error.
  • Improper advice or counsel.
  • Wrongful termination of a plan.
  • Failure to adequately fund a plan.
  • Conflict of interest.
  • Imprudent investment of assets or lack of investment diversity.
  • Imprudent choice of insurance company, mutual fund, or third–party service provider.
Professional indemnity insurance, often referred to as professional liability insurance or PI insurance, covers legal costs and expenses incurred in your defence, as well as any costs that may be awarded, if you are alleged to have provided inadequate advice, services or designs that cause your client to lose money.Do you need professional indemnity insurance?Many professions need to have professional indemnity insurance as part of their respective industry body's regulatory requirements. Even if you are not obliged to have PI insurance, without it, you could be liable for thousands of Dirhams worth of legal fees and compensation payments – not to mention lost income from the time spent defending any allegation.

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