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WE PROTECT THE PERSONAL LIABILITIES OF YOUR PRACTICE PARTNERS & COMPANY DIRECTORS
The directors and partners of your practice have specific responsibilities, duties and powers which are incumbent to their senior management position. As a result, these individuals are exposed to the risk of legal action being taken against them.
They can be held personally accountable for poor decisions, mismanagement and other breaches of the Companies Act, even if their actions were done with the best intentions.
Management Liability insurance provides financial assistance to fund the defence costs for any partners or directors who find that a claim about the way in which they have managed the company has been made directly against them.
Claims can be made by a variety of sources including Regulators, Employees, Shareholders and Creditors.
Within a Legal Practice, the Compliance Officer for Legal Practice (COLP) or for Finance and Administration (COFA) is responsible for taking reasonable steps to ensure compliance at the firm. There must be a risk therefore that as time goes on, the Solicitors Regulation Authority (SRA) will indeed take action against the COLP/COFA where a breach of guidelines occur.
The SRA will not only take action against the individual who committed the breach, but also the supervising partner and/or managing partner if they failed to establish or implement systems (e.g. a system of supervision) which might have prevented the breach.
You will need insurance to cover the COLP/COFA as well as Directors and Partners. At Integro, we provide the solution.
Contact us for further details on 0161 419 3045.