DIRECTORS & OFFICERS INSURANCE
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About Directors and Officers Insurance?
Does your company have all the protection it needs? You may have different types of business insurance, but are you protecting the individuals inside your organisation? Directors & Officers Insurance provides you with a way to cover some of the important people in your company, ensuring they are protected.
My Key Man Insurance can offer an unbeatable quote for Director’s and Officer’s Insurance based on your specific company needs. As a result, you’ll end up with all the coverage you need at a price that suits your budget.
What is Directors and Officers Insurance?
This type of insurance is often referred to as Directors and Officers Liability Insurance. In short, it refers to the protection given to individuals within a limited company. Most companies have insurance to protect the actual organisation in the event that something goes wrong. Perhaps your business is guilty of making an error or breaching the Companies Act. Public liability insurance is usually there to offer some sort of cover that prevents the company from suffering significant losses.
However, in situations like this, the individuals within a company aren’t always protected. Directors and officers aren’t going to be covered through public liability or other insurance policies. So, while the organisation might not suffer, they certainly can.
It is in place to ensure that individuals in your company get the protection they deserve.
Therefore, you will have personal liability that covers their corporate actions – however direct or inadvertent they might be. If someone makes a claim directly against them, then you’ve now got some sort of protection to limit their personal losses.
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What does Directors and Officers Insurance Cover?
Directors and Officers Liability Insurance is beneficial for any businesses
that have employees in big, decision-making, positions.
Who needs Directors and Officers Insurance?
This insurance covers a range of claims made against the directors or
officers in your business.
There are many alleged wrongful acts that your directors or officers can be accused of, including:
Lots of different people or organisations can make legal claims against individuals in your company. As mentioned previously, customers, investors, and shareholders can all make claims. Investors or shareholders are inclined to blame directors if they end up making any losses.
Customers can make claims if they spoke to officers who gave them inaccurate advice or sold them things on the basis of false claims.
Similarly, HMRC can also make direct claims against directors/officers – usually to do with payments and tax mishaps.
In essence, Directors and Officers Insurance will cover the cost of compensation claims made against your directors and officers for any of the alleged acts listed above. This includes the following:
What isn’t covered by Directors and Officers Insurance?
With this in mind, it might be possible to buy an extension on your policy
that covers employee discrimination cases like this.
It only covers claims that are made against directors or officers in your company. As such, it does not cover claims made against your business as a whole.
Similarly, most standard policies don’t cover directors/officers against claims made by employees in your company. So, if your director, or a manager, didn’t promote someone based on their race/gender, and the employee makes a claim, then they won’t be covered.
With this in mind, it might be possible to buy an extension on your policy that covers employee discrimination cases like this.
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Relevant life insurance is a type of life insurance policy that is taken out by businesses on behalf of their employees
Relevant Life Insurance HMRC Tax Treatment (updated) 2022
Relevant life insurance is a form of insurance that provides financial protection for an individual.
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