The rapid development of technology, the volatility of the business environment and the increase in regulatory and legal requirements are exposing organisations and their managers to increasing risks. Some of these risks can be reduced by selecting the right insurance policy. Below are some of the specialised insurance solutions we have implemented with our clients.

Cyber insurance

Cyber risks are increasingly complex: hackers, malware, dishonest employees, inadequate levels of control by the IT department, employee errors, etc. And the consequences of an attack in the cyber space are extremely severe, such as losses due to business disruption or loss of reputation. In addition, cyber incidents involve additional costs, such as hiring IT forensics specialists, restoring lost data, legal defence, compensation for loss of personal data or disclosure of commercial information. Another consequence of data leakage can be administrative penalties for violations of data protection law.

Precautionary organisations are therefore increasingly using a tailored cyber policy as part of their enterprise risk management. This is a type of insurance that provides support in the event of damage and protection against the financial consequences.

Fiscal penal liability insurance

The tax system in Poland changes extremely frequently. The rules of VAT have been amended 90 times in the last dozen or so years, and those of CIT as many as 240 times. This rate of change makes it easy to make a mistake in interpreting the rules, and unfortunately this is followed by personal penalties and financial consequences for those who perform or supervise accounting activities. The insurance market offers effective protection against these consequences by offering criminal tax insurance. It can be concluded that every board member, CFO or employee responsible for submitting applications and accounting for public aid, who is aware of the risk of criminal tax liability, should have such protection.

 Directors and officers liability insurance – D&O

Management board members have a duty to run the company’s affairs with the greatest care and are therefore responsible for the company. In addition, if enforcement against the company proves unsuccessful, board members may be held jointly and severally liable for the company’s liabilities. Therefore, having insurance to protect board members against the financial consequences of their liability towards the company, its creditors, shareholders or the tax office seems even necessary. An insurance policy dedicated to this risk is the Directors and Officers (D&O) policy.

The main objective of D&O insurance is to provide protection for company authorities. Coverage includes members of the management board and supervisory board, proxies, employees performing management functions, persons responsible for the accounts and their heirs and spouses. In addition, the policy protects the company itself in respect of securities claims.

Affinity insurance programmes

For our clients, we create programmes that use insurance to make the product the company sells more attractive or to generate additional revenue. This is done by adding suitably selected insurance to the products of a brand. The policy offered with the product:

• provides added value to the buyer of the product, which increases its attractiveness and supports sales, or
• allows the distributor to realise additional margin on insurance sales.

We have the IT infrastructure to support this type of programme.

Feel free to contact us! Let’s arrange a call, find out your needs and see how we can help.