What is directors’ and officers’ liability insurance?
Directors’ and officers’ liability insurance protects the company’s directors and senior managers personally. When a decision that’s made while running the business leads to a claim, this cover helps to protect their personal assets. It is important cover for anyone in a leadership role who carries responsibility for the way the business is run.
What does directors’ and officers’ liability insurance cover?
- Personal liability of directors and officers
- Legal defence costs
- Claims of mismanagement or breach of duty
- Wrongful acts in a management role
- Regulatory investigations
- Employment practice claims
Who needs directors’ and officers’ insurance?
Any business with directors, board members or senior managers who make decisions on its behalf should consider it, and it is not only for large companies. Directors of small and growing businesses, charities and non-profits can be held personally responsible too, which is exactly why this cover is important. Directors’ and officers’ liability insurance is not a legal requirement, but it protects the people running the business from claims that they could otherwise be personally liable for.
Speak to our team today to for a competitive directors’ and officers’ insurance quote, and arrange appropriate cover for your leadership team.