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Directors and Officers Insurance
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Directors and Officers Insurance

Directors and Officers InsuranceDirectors and Officers Insurance policies are specially designed to protect directors and officers of limited companies.

Directors and officers insurance is therefore different to other company policies, which are designed to protect the company rather than the individual directors and officers for their personal liability.

Cover can also be extended to include the liability of the company itself. These are also known as entity covers.

Why Do I Need Directors and Officers Cover?

Directors and officers are responsible for running the business of the company and if a third party suffers financially as a result of the actions of the directors and officers, they may bring legal action against them.

Unlike a company's own limited liability, directors' and officers' own personal liability is unlimited. A director may not be able to rely on receiving financial assistance from their company in the event of them being sued in their capacity as a director, perhaps because their company has no funds (directors are often sued when the company is insolvent) or their company may not be permitted to indemnify them.

If directors and officers cannot receive financial assistance from their company and they have no directors and officers insurance, then they would have to pay the loss settlement and defence costs from their own personal assets and wealth.

The Companies Act 2006 also places greater responsibilities on directors of companies and the introduction of The Corporate Homicide and Manslaughter Act 2007 has recently added to these responsibilities.

What Does Directors and Officers Insurance Cover?

Directors and officers insurance provides cover for legal defence costs and compensation brought against a director for a 'wrongful act'. Typical limits of indemnity are from 500,000 to 5,000,000, however, larger limits are available if required.

How To Apply For Your Directors and Officers Insurance Quote

To apply for your free insurance quote, please phone our offices on 01623 641 386 or complete our online directors insurance quote form and our staff will be happy to help. Directors Insurance Quote Form

Office hours are Monday to Friday 9am to 5pm.

Our independent status ensures that the premium quoted for your directors and officers insurance will be the most competitive from leading UK insurers such as Aviva, Ace, Allianz, Catlin, Lloyds of London, RSA and Zurich.

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Midlands Insurance Services are authorised and regulated by the Financial Conduct Authority. FCA Number 306382.

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