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Top 10 reasons for buying Directors’ & Officers’ insurance

Published: 02/07/15

D&O is an important cover for senior company members. Here are just some of the common misconceptions surrounding Directors and Officers (D&O) insurance cover:

“Isn’t D&O cover only for those running publicly traded for very large businesses?”

“I’m never going to be in the position where I could be sued by one of my employees or stakeholders.”

“It’s just too expensive to consider on top of all of my company’s other insurance costs.”

And the Top 10 reasons why you should consider this cover

1. Directors’ personal assets are at risk
If a director has been accused of breaching their duties, they are personally liable to defend the claim. Their personal assets are potentially at risk if they do not have adequate D&O cover.

2. Investigations by regulators are getting more and more common
Investigations and fines imposed by a regulator or body such as the Health & Safety Executive are one of the primary drivers of claims in the current UK business climate.

3. Defending a legal action can be costly
Legal costs for defending allegations against the company or one of its directors can often run into tens of thousands of pounds.

4. Employment practice claims remain a large threat to directors
In an increasingly litigious society employment practice claims such as sexual harassment or wrongful dismissal can result in astounding settlements.

5. Your investors can sue you
If investors lose value in their shares as a result of a director or company’s alleged misconduct they could seek compensation via the courts.

6. Protection in case of bankruptcy or insolvency
If faced with bankruptcy or insolvency, creditors may pursue legal action against directors if they feel that they have not acted in their best interests.

7. SMEs are just as vulnerable as large companies
SMEs are not exempt from D&O claims; they face exactly the same risks and regulations as their larger peers, but often do not benefit from in-house HR or legal teams.

8. D&O claims are NOT covered under any other liability policy
A common misconception is that alleged misconduct by directors or companies is covered under other liability policies such as Professional Indemnity.

8. D&O claims are NOT covered under any other liability policy
A common misconception is that alleged misconduct by directors or companies is covered under other liability policies such as Professional Indemnity.

9. D&O insurance is more affordable than ever
A D&O policy can cost from under £500 per year, yet the total cost of a D&O claim can run into hundreds of thousands, if not millions of pounds.

10. D&O helps attract talent
Not having D&O insurance in place may put off talented individuals from joining a company as they will not be protected.

Flint can supply D&O cover can as an addition to your commercial insurance or a stand-alone policy. As well as the standard offering there are options to incorporate cover for Commercial Crime, Company Entity Employment Practice and Pension Trustee Liability.

If you’d like more information and discuss any of the points made here or get a quote for D&O please contact Dawn Charlesworth on 0845 371 1452 or email dawncharlesworth@flintinsurance.co.uk

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