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Imagine you have the opportunity to invest £100,000 for your company, with a 70% chance of providing a 20% return within five years. Do you decide to go for it? Now consider whether your decision would be different if you could be held personally liable for making the wrong decision; your home and other assets are on the line. Do you have the same approach to risk?This simplified scenario demonstrates why Directors & Officers (D&O) insurance exists. Senior employees are exposed to civil and criminal liability in relation to a host of responsibilities including employee safety, tax and finance law. Company law can also give rise to personal liability, for example if directors know a company is about to become insolvent but continue trading anyway, resulting losses can potentially be recovered from their personal assets.
D&O insurance gives directors and officers the confidence to know there is support to pay compensation or defend claims or prosecutions when things go wrong. It’s not a ‘get out of jail free’ card to excuse negligent behaviour, but it does provide valuable protection in difficult situations.
Let’s consider seven key things you need to know about D&O insurance.
Do you have the insurance cover you need? If you are unsure please contact us on 01442 286910 or info@eicinsurance.co.uk
Let us know your needs and we’ll be in touch shortly.