In Sutton Winson’s last update they focused on Management Liability they discussed how to protect a BID’s Directors & Officers and its reputation. This update continues the discussion looking at protection from incompetent contractors, dishonest employees and their disputes.
Services provided by your BID
BIDs are trusted to provide professional and valuable services and advice to their communities and, as such, are seen as the experts to deliver those services.
There could be an incident, where your BID appoints a contractor to undertake work for a business, and, unfortunately, that contractor fails to meet the expected level of skill and care. The contractor may make a mistake in designing, planning or logistics meaning they may not be able to deliver on time. They may accidentally disclose commercially sensitive data or breach their legal obligations. Subsequently, the business might want to seek compensation for the poor service provided by the appointed contractor or the BID.
This is where Professional Indemnity insurance comes in. It could protect your BID from bearing the cost of legal defence fees and compensation. If you already have Professional Indemnity insurance you should ensure that it lists all the services provided by the BID and that the BID’s last completed annual income is disclosed to insurers.
Employment law protection
Increasingly, legislation has sought to give more protection to employees and not the employer. In the past few years, we have seen many employers having had an unfair dismissal trial brought against them with many tagging on a discrimination claim. They are becoming more frequent and costly and it is increasingly difficult for an employer to keep up with the continually changing legislation.
Employment Practices Liability (EPL) insurance is an essential part of any organisation’s insurance programme. The financial and commercial consequences of non-compliance with employment law are serious and present a significant threat to all employers.
You can cover your BID’s legal liability following an employment dispute. In addition, your legal costs and expenses are covered in respect of attendance at an employment or health and safety investigation.
Theft by your Employees (Fidelity)
Do we really know the person sat next to us? We think we do.
Employee fraud is becoming increasingly common at all levels of an organisation. Unfortunately, dishonesty and fraud can never be eradicated.
Fidelity insurance will cover the loss of money and/or goods, diverting cheques, fictitious invoices and suppliers, forgery, overstated billings or misuse of a BID’s assets following an act of fraud or dishonesty by an employee.
Speak to the British BIDs Insurance Provider, Sutton Winson, who understands how your business operates and can ensure you are appropriately covered, email firstname.lastname@example.org or call 0845 688 9088.
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