Directors & Officers insurance
What is Directors & Officers Insurance?
What is Directors & Officers Insurance? Directors & Officers insurance, also known as D&O insurance, MLP or Management Liability Insurance, is designed to protect those who run or manage an organisation should a claim be made against them if they are accused of failing in their duties or responsibilities. Under the 2006 Companies Act, directors and officers are exposed to over 200 areas of statutory liability and could be held individually liable, even if the company is a Limited Liability Company.
The cover can be extended to include protection against claims against the organisation, employment disputes, pension trustee liability, and fidelity. Cover is also available for trustees and committee members of clubs, associations and not-for-profit organisations, who can face similar statutory responsibilities to company directors.
If you would like a quote or advice regarding Directors & Officers Insurance, call us on 01905 21681 or contact us here.
What should my insurance cover?
Many policies can be extended to include a range of benefits such as:
Employees
Shareholders
Customers
Government bodies (HMRC / HSE)
If a company has limited status, then it has a degree of protection but directors/partners can have unlimited liability. As such, directors of Limited companies, Limited partnerships or Community Interest Companies would be sensible to have the protection this insurance offers – noting that it should be in addition to good and safe working practices, not instead of!
Voluntary organisations, clubs and societies should consider protecting their committee members with trustees and committee members liability insurance, which offers similar protection.
Frequently asked questions
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