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Directors and Officers Insurance

Directors and Officers Insurance

 

Why you need Directors and Officers Insurance

Are you a Company Director or Officer?

If you are, then you could be held liable personally for a range of issues that could cost tens of thousands - and your current Insurance arrangements may not cover this because....

When faced with certain legal actions against themselves as individuals, Directors and Officers of a company are not protected by Professional Indemnity, Public or Employers Liability Insurance.

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Protect yourself from £10.00 per month

Directors and Officers Insurance

We're an award winning firm of Insurance Brokers, helping company Directors from all over the UK protect themselves and their personal Assets with Directors and Officers Insurance.

We believe every Company Director or Officer should know about and have this cover - so many don't even know about it because their provider just doesn't talk about it!

We live in an increasingly litigious society, and it has never been more important for Company Directors to protect themselves personally with Directors and Officers Insurance.

Directors and Officers (management etc) regularly face scrutiny from almost every direction, with Shareholders, employees and other stakeholders all relying on them to act in the best interests of the company and comply with their statutory duties.

Despite this, the majority of UK directors and company officers may not have adequate Directors and Officers Insurance in place.

What is Directors and Officers Insurance?

Protect your personal assets

Directors and Officers Insurance is a vital part of a company's Insurance programme, usually arranged under a separate specialist policy.

First and foremost, it will cover your personal wealth for defence costs incurred during a claim and awards made against you. This could be following a civil or criminal offence.


Claims example

Mismanagement - a director of a sporting goods group faced a claim from his former employer after allegations that he had acted in breach of his duties as a director in running the business.

Costs in successfully defending the director were more than £30,000.


What else does Directors and Officers Insurance cover?

There are several key Insurers in the Directors and Officers Insurance market, and each policy has a slightly different wording.

Typically, Directors and Officers Insurance can be broken down into the following three areas:

Directors’ And Officers’ Liability

This covers your personal wealth for defence costs incurred during a claim and awards made against you. For example:

  • claims by investors or other shareholders (including other directors)
  • defence costs and awards of claims arising from your personal involvement with the administration of any company pension

Claims Example

Tax - the directors of a property investment company were prosecuted by HM Revenue & Customs for allegedly making false statements in an earlier tax investigation.
Legal fees in the case came to more than £50,000.

Employment Practice Liability

This cover is essential for any employer but is not always provided as standard. It covers your company and your employees against defence costs and awards of employment claims arising, for example:

  • from allegations of sexual harassment or wrongful dismissal by employees
  • from allegations of incorrect selection for redundancy

Claims Example

Unfair Dismissal - An IT consultancy faced a claim from a former employee who had been made redundant. The employee claimed he should not have been selected for redundancy as he had taken a salary sacrifice in the last year.
The legal fees in successfully defending the case were more than £8,500.

Corporate Legal Liability

This covers your company against defence costs and awards associated with events such as:

  • allegations you have breached regulations, for example Tax, Health & Safety or Trading Standards
  • claims by investors or shareholders
  • direct financial loss from employee dishonesty

Claims Example

Pensions Error - an employee of a management consultancy group made a claim alleging that the company had not added her to the group’s pension scheme as instructed a number of years earlier.
The company were held liable and were required to pay £20,000 to compensate for her loss.

I used Evans Insurance for some personal cover and was impressed, I then used them for my company insurance. Not only did they give a better price, but their levels of customer service are second to none!Rob Terry, Nationwide Ventilation Ltd
Dan provides a fast and professional service and has helped a number of our clients to find the right Directors and Officers insurance or Legal Defence cover at a competitive price. I highly recommend Dan for any of your insurance needs and look forward to continuing to partner with Evans Insurance moving forward.Zoe Wilson, HR Insight
Due to the nature of our business we needed some expert help to find the right Liability Insurance cover. Daniel provided excellent service.Rob van der Linden, IOT Research

Protect yourself with Directors and Officers Insurance today

 

As specialists in Business Insurance, we have a wealth of experience in Directors and Officers Liability Insurance.

In most cases you can get your quote and be on cover the same day of you contacting us.

We can also help you spread the cost of your cover over by Direct Debit, and in most cases, this can be over 12 months interest-free.

So contact us today to discuss your Insurance requirements!

Give us a call on 01708 289 525
Chat with us LIVE using the Live Chat button (real people from our Office in Essex)

Fill in our 'Get a Quote' form
or Email us at info@evansinsurance.co.uk

We look forward to being of assistance!

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