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.
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.
In today’s ambulance chasing culture you can’t afford to be under covered. It costs me less than £5 a week and gives me peace of mind should anything major happen….We’ve used Greenfield for a long time to sort out our insurance and we always get a good personal service. We wouldn’t keep using them otherwise!
Owner, Southampton Based Scaffolding Company
Call us now for a friendly no-obligation Directors and Officers insurance quotation and discussion on 01489 579808 or contact us now via our webform.
Still not whether you need Directors and Officers Insurance? Read some of our real-life Directors and Officers insurance claims stories and just imagine yourself in their shoes.