Protection covering directors and officers against liability
Director and Officer Liability coverage is for a business that has a board of directors or officers with the insurance covering them against liability if the business is sued. While a “corporation” offers some amount of personal protection against liability to employees and directors, some companies choose to offer additional protection to those key members of the executive team.
As a company director or executive officer, you are directly responsible for your business, your employees and some very demanding duties and responsibilities. Directors and officer’s insurance policy is important as a business owner to make sure you are financially protected.
With an increasing trend for both stakeholders and regulators to hold directors and officers personally responsible when problems arise, putting their personal assets at risk, it is common mistake to assume that a limited liability company protects the director. While the liability of a company is limited, a director’s liability is unlimited. Therefore, many companies choose to take D&O cover in today’s world.
Contractor All Risk insurance policy can prove to be of invaluable importance as it protects and covers losses in cases of unforeseen damage.
Directors & Officers Insurance is available in a variety of policies to suit your requirements. This could protect you from; Damages arising from Professional Negligence claims, Damages arising from Slander or Libel claims, Errors or Omissions, Blanket cover for the position of Director (includes all past, present and future directors) and General Damages.
Legal Action costs are extremely high. Make sure both your business and private finances are protected if someone takes legal action against you.
Employment Liability cover protects you against situations such as wrongful dismissal claims.
Criminal Activity cover can protect you and your business should have an employee be found to have committed criminal offences related to their duties.