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Directors & Officers Insurance

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 Directors and Officers 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.

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.

Directors and Officers Insurance 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.

Who needs Directors and Officers Insurance?

Directors and Officers Liability Insurance is beneficial for any businesses that have employees in big, decision-making, positions.

The director of a company is in charge of making some significant calls for your organisation. As a result, they can come under fire through legal claims from unsatisfied clients, investors, or shareholders.

When legal claims are made against your company, they can be explicitly targeted at the director. This is because the claimants believe that they are the ones responsible for whatever it is they’re unhappy about. Even if the director inadvertently did something that caused this claim to be born, they’ll be under fire.

Consequently, Directors and Officers Insurance is required to help them through the claims process. The same can be said for the ‘officers’ in your business as well. Now, defining a director is straightforward as this is usually a role given to an individual. However, nobody is really hired under the ‘officer’ title. Instead, this term refers to multiple roles in your business.

Strictly speaking, the legal definition of an officer covers all kinds of key managerial or supervisory roles. This means that many people within your organisation fall under this bracket and can be at risk in some legal situations. While directors should be aware of their legal responsibilities, officers don’t always realise what they are or aren’t responsible for. To make matters worse, you have officers at different levels in your organisation who regularly come into contact with clients, shareholders, etc. So, there’s every chance that a slip up can happen, and a claim is made against them.

Again, if claims are made directly against them, then they won’t have protection from your public liability or other corporate insurance policies. So, they will also need Directors and Officers Liability Insurance.

What does Directors and Officers Insurance Cover?

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:

  • Breaches of trust
  • A breach of duty
  • Neglect
  • Errors
  • Misleading or inaccurate statements about products, services, or business finances
  • Wrongful trading

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:

  • Legal costs.
  • Damages.
  • Arranging and paying for legal representation.
  • Defence costs if no wrongful acts are actually found.

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.

Directors and Officers Insurance 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.

What are the benefits of Directors and Officers Insurance?

Having this extra layer of protection can be extremely beneficial for your business.

Many providers will offer practical advice that you can use for assistance in troublesome times. Often, this advice can help diffuse situations and prevent them from becoming significant legal issues. As a result, this stops your company from being overshadowed by lengthy legal procedures against key members of your business.

Furthermore, the coverage can help pay for legal costs to defend your directors/officers against any wrongful allegations. This can help them maintain a respectful reputation in the public eye. When your directors are accused of things, it reflects badly on your business. So, Directors and Officers Insurance may give you the help you need to clear their name and prevent this from happening.

This insurance can also help you establish better relationships with your directors/officers. Without it, they don’t have any protection if things go wrong. In essence, they may feel like they’re being hung out to dry when claims are made against them. By having Directors and Officer Liability Insurance, they feel like you’re taking care of them. In the long run, this can lead to more committed employees who stay with the company for longer.

How much does Directors & Officers Insurance Cost?

The cost will vary depending on how much coverage you want.

The cost will vary depending on how much coverage you want. The more you need, the more expensive it will be. At My Key Man Insurance, we promise to beat any other quotes on the market. Directors & Officers Insurance can cost as little as £5 a month for basic cover.

With all things considered, this is an insignificant fee for a business. It’s not an amount of money that will cause cashflow disruptions, and it won’t cause you to suddenly make losses every month. So, when you think about the benefits it provides your organisation, then it becomes a very cost-effective investment.

If you would like to find out how much Directors & Officers Insurance will cost your business, then feel free to contact us today. We have an easy tool on our website that will provide you with a quote in just a few minutes. Simply fill in all the relevant details, and we’ll contact you via telephone or email. Alternatively, you can call us on 020 7112 8844 for more information on Directors & Officers Insurance, and we can provide quotes over the phone as well.

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Meet Our Team

Our dedicated team are here to offer you expert FCA qualified advice along with 1st class support to make sure the process is fast and simple

meet our team

Jody Pearmain
Jody Pearmain

Managing Director & Founder (My Key Finance Ltd)

Lori Norton
Lori Norton

Administration Manager at MyKeyManInsurance.com (My Key Finance Ltd)

Tyler Pearmain
Tyler Pearmain

Senior Keyman Insurance Adviser at MyKeyManInsurance.com (My Key Finance Ltd)

Keri Gardiner
Keri Gardiner

Customer Service & Website Admin at MyKeyManInsurance.com (My Key Finance Ltd)

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