Directors and Officers Insurance
Directors and Officers Insurance
Contact Maureen Ellis directly on 01707 894403 or email us on info@bromwall.com for Directors and Officers insurance
Directors and Officers Insurance
Essential cover for a Limited Company. This protects the Directors and Officers against a claim made against them personally. Directors and Officers insurance Liability provides protection from their decisions and actions taken whilst operating their business.
It is vital to have Directors and Officers Insurance cover as if a claim was to arise, the Directors or officers personal assets could be at risk and they cannot rely on the company indemnifying them.
Directors and Officers insurance Liability will also cover legal costs and expenses and any civil damages awarded against a Director or Officer of the company.
Start protecting your Directors and Officers as soon as possible by contacting Bromwall Ltd for a Quotation.
What is Directors and Officers Insurance?
Directors and officers insurance protects your legal liability as a Director & Officer of a company.
It will cover your legal costs and expenses in respect of
- Any investigations into the running of the company
- Defence of actions seeking your disqualification
- Extradition Proceedings
- Any other alleged wrongful acts.
What are your obligations as a director?
If you accept a position as a director or officer you must be sure that you have sufficient qualifications and experience to fulfil the role. You must act with good faith at all times and in the best interests of the company.
Over 250 statutes impose obligations on directors. In the Companies Act alone there are 200+ provisions for imposing fines and penalties on directors. As a director you also owe a statutory duty to your employees and you may also owe obligations to third parties. If your company operates overseas, you may even be subject to local legislation and regulations of which you are not aware. Regulatory bodies (FSA, Health & Safety Executive, SFO, DTI to name a few!) have increasing powers of investigation and can focus on the actions of individual directors.
Why purchase Directors & Officers Insurance ?
Anyone can make a mistake, and in these days of ‘blame culture’ the consequences are unlikely to be put down to experience by the person making the claim.
As a director your own personal assets are risk – you could lose your house.
Directors and Officers insurance policies will cover legal costs and expenses incurred to defend a claim, be it spurious or otherwise. The costs involved in defending an action could put a serious strain on a company’s finances regardless of whether the action makes it to court!
Directors and Officers insurance should be seen as a protection of livelihood.
