Directors and Officers
What you get with Directors and Officers insurance?
Covers damages and claims expenses associated with a claim made against business’s directors and officers for alleged wrongful acts.
Wrongful acts include:
- Errors or omissions.
- Breach of duty.
- Breach of trust.
- Misrepresentation or misstatement.
- Defamatory statements, libel or slander.
Frequently Asked Questions
This type of insurance covers damages and claims expenses associated with a claim made against the business’s directors and officers for alleged wrongful acts, which could come from:
- your shareholders or
- the regulators
If this cover isn’t in place, then the management faces a greater risk of financial loss and of not being able to defend themselves against any claim.
In addition having this cover in place helps with recruitment as it offers protection.
No, it isn’t compulsory under UK law
There is no set level required. However, the amount is usually based on the how much the company can afford and how much has been set aside to cope with “risks” The level of liability chosen is the maximum amount of money that the insurer will pay for claims made against the Directors and Officers for a wrongful act that occurred during the policy period.
The cost will depend on several factors
- the age and financial strength of the company,
- the company’s activities,
- the company’s location.
It does not cover the management regarding
- Accidents involving clients or members of the public.
- Accidents involving the staff
- It does not cover the Director or Officer if they make a mistake during the course of their work that causes financial loss.
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"- Phil from Devon , WCHC CustomerNothing has been too much trouble for Westcountry Health Care. I was given a clearly set out selection of quotations which helped me to choose an affordable policy with a broad range of cover to meet my requirements. I was given sufficient time to make a decision ad Mrs Colley made it clear she would be happy to provide further quotations if required until we had found a suitable product."
Critical Illness cover gives you a lump sum when you get diagnosed with a serious illness.