INSURANCE FOR BUSINESS

Directors/Officers Liability

As a company director you have specific responsibilities, duties and powers relating to your position within the business. You have extra responsibility to your employees, members of the public, investors and regulators. This means that you could be more exposed to a range of risks if things go wrong and your personal assets could be at risk.

A Directors and Officers Liability policy, also known as management liability insurance, makes sure that you are protected.

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Specialist Advice

Ensuring cover is suitable and does not contain exclusions that would impact you financially.

Market Leading Products

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Dedicated Claims Handler

A D&O claim can be daunting experience. Experienced claims handler in your corner to help guide and reassure you.

Liability Explained.

Insurance designed to protect your senior management team from claims arising from the decisions and actions that you have taken whilst managing the business.

Director’s responsibilities are defined both in common law and in statutes such as the Companies Act, Insolvency Act, Environmental Protection Act, Health and Safety at Work Act, Data Protection Regulations etc.

If a claim is brought against one of the directors of the business for a ‘Wrongful act’ then the director cannot rely on the company providing an indemnity as this is often in contravention of the Companies Act and so it is essential to buy an insurance policy that can protect the individuals and their personal assets.

Liability Explained.

Insurance designed to protect your senior management team from claims arising from the decisions and actions that you have taken whilst managing the business.

Director’s responsibilities are defined both in common law and in statutes such as the Companies Act, Insolvency Act, Environmental Protection Act, Health and Safety at Work Act, Data Protection Regulations etc.

If a claim is brought against one of the directors of the business for a ‘Wrongful act’ then the director cannot rely on the company providing an indemnity as this is often in contravention of the Companies Act and so it is essential to buy an insurance policy that can protect the individuals and their personal assets.

Insurances To Consider

Many Insurers will look to quote for Directors and Officers Liability Insurance but some policies give much wider cover than others. The following are areas of cover that should be considered when purchasing this form of insurance:

 Directors & Officers Cover For Individuals

  • Any One Claim Limit for all policy modules
  • Investigations and pre claim inquiry costs for individuals
  • Civil fines and penalties
  • Personal Liabilities for Corporate taxes
  • Lifetime Run Off cover for retired or resigned individuals
  • Mitigation costs
  • Assets and liability cover including extradition
  • Emergency costs
  • Affirmative insolvency hearing cover
  • Affirmative Corporate manslaughter cover
  • Reputation expenses

Entity cover – covering the corporate entity

  • Corporate wrongful acts
  • Health and safety investigation and proceedings costs
  • Corporate Manslaughter costs
  • Company Regulatory Crisis Response
  • Defence costs for bodily injury and property damage claims
  • Defence costs for Pollution claims
  • Defence costs for breach of contract claims 
  • Defence costs for any claim seeking fines and penalties against the company
  • Crisis Event Public Relations Expenses
  • Identity fraud

Employment practices liability

  • Wide definitions of employee and employment practices violation
  • Third Party Violation cover – harassment or unlawful discrimination of a third party
  • Employment Practice or Third Party Violation committed by employee using internet
  • Worldwide cover  Retention waiver if legal panel member is engaged by client
  • Any single claim basis of cover

Pension trustee and employment benefit plan liability

  • Cover for the Insured Person, Company, Plan and Corporate Trustee
  • Any past or present Employee Benefit or Welfare benefit plan established by Company
  • Any past or present Pension Plan established for Company employees
  • Contribution Notice Cover
  • Civil fines & Penalties
  • Pensions Ombudsman’s cover
  • Third Party Pursuit cover
  • Loss of documents cover
  • Corporate Professional Trustees Extension
  • Lifetime run off for Retired or Resigned Trustees
  • Any single claim basis of cover

Crime Option

  • Cover for fraud or dishonesty committed by an employee
  • Cover fraudulent acts committed by any other person
  • Care custody and control cover
  • Fees, costs and expenses to defend a claim resulting directly from a covered financial loss
  • Fees, costs and expense of an Investigative Specialist
  • Damage Destruction or Disappearance of Money or Securities
  • Impersonation Fraud
  • Fund Transfer Fraud
  • Worldwide cover
  • Any single claim basis of cover

To discuss any aspect of your insurance requirements with us, please contact us and one of our dedicated Account Executives will be in touch to assist you further.

A firm of IT Consultants had a claim brought against them for alleged trademark and intellectual property infringements. The company went into administration and so the claimants brought a claim against the directors personally. This was defended under the Directors and Officers Liability policy and eventually settled at £600,000

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R.K. Henshall © 2021

R K Henshall & Co Ltd are Independent Intermediaries and are authorised and regulated by the Financial Conduct Authority. Directors: J.R. Henshall B.A.(Hons) ACII Cert CII (FS), A.J.Simpson ACII, T.R.Dredge DIP CII, A.Brown FCCA. Director/Company Secretary R.K. Henshall ACII. Registered No. 1285024

R K Henshall are very proud to support Lupus UK. Lupus UK is a charity very close to our hearts. Unfortunately, Nita Davies who had been a stalwart of our company from it’s very beginning lost her battle against this terrible illness in 2013. Lupus UK is the only National Charity which supports people with the immune system illness. (Registered charity nos. 1051610, SC039682) Click here to read more about Lupus UK.