Directors and Officers Liability Insurance provides protection for the directors and officers of a company for claims against them.
It protects directors and officers for claims made against them for wrongful acts committed solely by reason of their acting as a director or officer of a company, such as:
- Breach of trust
- Breach of duty
- Libel and slander
- Breach of warranty of authority
- Wrongful trading
Do You Need Directors and Officers Liability Insurance?
Managers very often make tough and complex decisions with huge impacts, sometimes on the basis of limited information available. They may make mistakes and are often personally legally liable for them.
Directors and officers have to bear in mind compliance regulations, different government bodies, auditors’ opinions and the latest best practices for corporate governance and risk management in numerous locations globally (if they trade internationally).
Examples of what Directors and Officers Liability Insurance can cover:
- Cover for legal costs, expenses and any civil damages awarded against you.
- Reimbursement to the company if it pays out to protect you.
- Broad definition of ‘insured person’, including employees acting in a managerial capacity.
- Automatic cover for spouses, heirs and legal representatives named in proceedings.
- Legal representation expenses (up to the policy limit).
Why not contact us today to find out your options when it comes to Directors and Officers liability insurance.