Get directors and officers insurance for extra protection.
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Cover can protect against claims for:
- Health and safety issues
- Employment claims
- Breath of trust
- Wrongful trading
Benefits of getting cover online includes:
- Quick and easy quotes
- No pressure from providers
- Instant documentation
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A Guide to Directors and Officers Insurance
Public liability and employers’ liability insurance do not protect you on a personal level. If you want to make sure you’re fully protected then a directors and officers insurance policy will do this.
Directors and Officers Insurance FAQ
What is directors and officers insurance?
Directors and officers insurance is a type of cover that’s specially suited to those who are the director, officer of partner of a company. Unlike public liability and employers’ liability insurance, where a claim is made against the business itself; directors and officers insurance is designed to protect the individual. Being the director of officer within a business comes with responsibility to a lot of different groups – employees, members of public and investors. If any of the individuals within these groups feels that you are to blame for something then they won’t necessarily file a claim against the business itself but could make it against you personally.
Do I need it?
When considering if you need to get directors and officers insurance you should be aware that personal claims and proceedings can happen at any time, even for actions that you might not have considered to be wrong. Sometimes these claims are clearly malicious and don’t lead anywhere but if an investigation is launched you want to know that you have the best protection possible.
What about legal costs?
You can certainly have legal expenses included in a directors and officers insurance policy. The level of cover you get and the exact costs that are covered may vary from one insurance provider to the next so it’s important to find out exactly what’s covered.
How much will cover cost?
The cost of a directors and officers insurance policy will be based on how risk insurance providers feel there is that you’ll need to make a claim. This risk factor is usually calculated by looking at things such as the size of the business, the industry it’s in and whether there have been any previous claims. The level of cover you take out and how you pay will also impact cost.
Types of claims covered
- Negligence – Negligence can easily result in a claim being filed against you. Your actions do not have to be malicious for a claim to be made either. Something as seemingly simple as making a mistake or giving advice that turns out to be bad could lead to claim.
- Health and safety claim – Health and safety has been a big issue in the UK for a number of years now and as a result there have been an increasing number of claims related to health and safety. When you have a directors and officers insurance policy you will be protected for claims relating to health and safety.
- Breach of duty of trust – If you shared confidential or sensitive information with an outside party then it could easily result in a claim. Directors and officers insurance would also cover you in such a scenario.
Getting a lot of quotes is a great way to save money on directors and officers insurance.
Other forms of liability insurance
Personal claims filed against directors and officers isn’t the only type of liability claim that businesses have to be wary of. There are other types of claims that are usually filed against the business itself rather than any one individual. These types of claims can come about due to injury, damage to property, poor quality service/products or damage to property. Below are the two main types of claims you need to protect against.
- Public liability – Public liability claims are always a risk for any type of business. If a customer or member of public were harmed in some way as a result of your actions or those of an employee then a claim could easily be filed. Having public liability clover is therefore always recommended for businesses. The level of cover needed will depend on the size of your business and how much risk you face.
- Employers’ liability – Employers’ liability insurance is the other type of cover that businesses need when it comes to compensation claims. Unlike public liability insurance, you are obligated to get employers’ liability insurance if you have any employers as it’s part of your responsibilities as an employer. Claims from employees can often be very costly for businesses, not taking into account the potential bad press, so it’s very important to have cover in place.
You can have legal expenses covered in your policy so you’re able to fight any claims that might be filed against you.
Saving money on directors and officers insurance
- Pay for the policy annually – Often insurance is paid for monthly since it allows you to spread the cost. If however you can pay for the policy upfront on an annual basis then most insurance providers will significantly reduce the overall cost as a result. It’s always worth pushing to get the best price possible when paying annually.
- Look for discounts – You might be able to find special discounts online for directors and officers insurance so it’s always worth checking as the savings you make can be substantial.
- Get quotes from many insurance providers – One of the most reliable ways to save money on insurance is by getting quotes from a lot of different providers and this holds true for directors and officers insurance. The prices you’re quoted for this type of cover can vary quite a lot so you should never simply take a policy out with the first provider you contact. Always make sure you get as many quotes as you can since this enables you to make an informed decision.
Get directors and officers insurance quotes now
Getting a lot of quotes is one of the best ways you can save money on directors and officers insurance. Thankfully it’s not very easy to get quotes in just a matter of minutes.
Click the green button below and once you’ve provided the necessary information you’ll then have access to your quotes which you can compare. All you have to do is pick the one that’s best for your business.