What is D&O Insurance?
D & O insurance provides liability protection to company directors and officers to protect them from claims that arise from decisions they make whilst running a company. The policy protects a Director and Officer by:
Many people believe that D&O cover is only for those running very large private businesses or public limited companies and this is not the case. Every director or officer is open to claims which can originate from customers, competitors, employees, the company itself, regulators and government and law enforcement agencies. The recently implemented Companies Act 2014 outlines precise duties for directors & officers of companies alike no matter how large or small the entity is. Directors or officers own cash, home, pension pot, other personal assets and even their liberty is at stake should a claim occur.
D&O Cover is not as expensive as it is perceived and should be considered as in many situations the company may be unwilling, unable or not permitted to protect their directors and officers should an action be taken against them.
Who is a Director or Officer?
Examples of Claims:
Remember: D&O cover provides liability protection to company directors and officers to protect them from claims that arise from decisions they make whilst running a company. Their personal assets are at stake and other type insurance policies will not protect them. Claims can and will be made against the directors & officers personally, not just against the company.
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