Even though a company’s liability is limited, a Director’s liability isn’t. Without appropriate insurance protection in place, as a Director or Officer you, personally, could lose everything.
As a Company Director you are exposed to a large amount of regulation, financial pressure and legislation including Health & Safety law, Employment law, Lenders requirements and Shareholders requirements and expectations.
There are over 200 pieces of legislation for which you a Company Director or Officer could be held personally liable for. This could include, corporate manslaughter, company liquidation, misleading figures, unfair dismissals and workplace neglect.
Claims can arise out of breach of trust, breach of duty, neglect, error and wrongful trading.
If a case arises against you – not your company – but you personally as a Director of the business, you could be forced to pay compensation and legal costs in defending yourself. The worst case scenario is that you could lose all your personal wealth or even face a custodial sentence.
With a Directors and Officers insurance policy if you have to defend yourself against any allegations of wrongdoing in running the Company, your legal costs of “defending your corner” are covered.
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Protect yourself with Directors and Officers Liability Insurance
Even if you work for a small or medium sized business you still need Directors and Officers liability insurance cover. In fact, it is often considered easier to instigate legal action against smaller businesses, as larger organisations often have more people involved in decision-making, making legal action more complicated.
Low minimum premiums
Directors and Officers liability insurance cover can cost a relatively small amount for a great deal of cover, with premium starting at £150.
If you want to find out more about Directors and Officers insurance, then talk to us about your requirements. As independent business insurance brokers we have a great deal of experience in arranging Directors and Officers insurance.
We will take time to understand your business and make sure you have the correct insurance cover in place to cover all the risks your business may face. We deal with 5 leading underwriters and will ensure that you get the best cover and premium. We will work with you to ensure that your insurance needs are kept in line with your business requirements and that you fully understand your insurance policy and what it covers.
The Directors & Officers Liability Policy is specifically designed to provide protection for all Directors and senior decision making employees (Officers) of Limited Companies in respect of their legal liability to pay damages, claimants costs and other costs incurred resulting from the claim.
The claim must arise from actions resulting from the following actions:
- Breach of duty
- Breach of trust
- Breach of contract
- Breach of warranty or authority
- Neglect, error or omission
- Wrongful Trading
- Depending on your business activities, we will discuss in depth your level of exposure to a claim and advise accordingly.
- We will fully explain the Directors and Officers Insurance policy cover to you.
- We will provide you with an ‘easy reference’ schedule.
- You will have a dedicated account manager for the life of your Directors and Officers Insurance policy.
What happens in the event of a claim?
Our role is to ensure that any claim made is settled with the minimum of delay, this is demonstrated by our proven claims management procedures and dedicated claims system backed up by experienced members of staff.
ETHICAL. THOUGHTFUL. EXPERIENCED.
Greenfield would rather advise you correctly and not win your business,
to make sure you don’t suffer in the long term.
Greenfield Insurance Services is an Independent Insurance Broker specialising in providing Insurance Solutions to Business and High Net Worth private clients.
Based in Hampshire our Team of Insurance professionals are dedicated to providing strong technical advice in order to hand pick policies to suit your individual needs. All of our technical staff undergo a continuous training programme and work to our customer charter. Having established the business in 1989, Stephen Greenfield was joined by James Mant as a full Equity partner in 2001. Following Stephen’s retirement in 2018, James took over control of the company.