Protect yourself as a company director – get covered in minutes
Over recent years we have seen an increase in litigation. More and more emphasis is placed on companies to provide a better working environment and exercise a reasonable duty of care at all times.
Directors and officers liability insurance covers the cost of compensation for claims brought against the directors and officers for allegations of wrongful conduct. Not only is cover available for directors and officers but also extends to key managers and employees.
What you are covered against
• Breaches of duty, including statutory and fiduciary;
• Breach of trust;
• Errors or omissions;
• Negligence and misleading statements;
• Wrongful trading.
What is not covered
The director is not protected by the shield of corporate limited liability, only those made against individuals for wrongful acts carried out in their capacity as directors and officers. If the company does choose to voluntarily pay these costs, any payment is regarded as a benefit and tax becomes due to the Inland Revenue by the director.
Directors’ personal liabilities can be unlimited. Without Directors and Officers Liability Insurance your personal possessions and homes are at risk.
Directors and Officers Liability Claims
Claims can be made against a director or officer by the company’s stakeholders (employees, owners, investors, lenders), customers, regulators, business partners (suppliers and vendors) and competitors.
Claims you are likely to face could include health and safety breaches, sexual, racial or race discrimination, unpaid taxes, copyright and data protection breaches.
Frequently Asked Questions
You can find the answers to our most frequently asked questions below.
What is an officer of the company?
An officer is any individual within the company making decisions which could affect the company.
When should I apply for insurance for new business?
We are able to quote for new business insurance policies up to 30 days before the renewal date. If you’re not ready to renew yet, please email us with your renewal date and details to [email protected]or submit your query here. We will contact you closer to your renewal date.
What is the policy duration?
The policy has a 12 month period of insurance (unless shown differently on your policy schedule) and is renewable every year.
Am I covered instantly?
Yes, once you have submitted your proposal and having conducted a fair analysis of the market from our panel of insurers we seek to obtain the most appropriate terms on your behalf.
Once we have confirmed that you are covered and your policy is live, you are insured from that point onwards. We then issue you with your policy documentation and our information sheets as downloadable PDF’s. Unless requested, we don’t send out any paper documents, but you are able to print everything as backup to refer back to in the future.
Can I spread the cost of my policy?
Yes, there is an option of making your annual premiums/fees affordable by spreading the payment over monthly instalments. To find out more about this option please contact us
How do I cancel my policy?
If you decide to cancel your policy, just let us know.
You’ll receive a full refund if you cancel your cover within 14 days of setting it up (the ‘cooling-off’ period).
After this period, you may cancel your policy by giving us 30 days written notice of your intention to do so. The insurer may cancel your policy by giving us written notice; the duration of which will be detailed in the policy wording.
Beyond the 14 day cooling off period, cancellation terms may differ between insurers. Some insurers may be willing to return a pro-rata premium of up to 3 or 6 months after inception of the policy. However, after this period no refunds will be given. Any refunds may take up to 60 days to process.