Directors’ and officers’ insurance
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What is directors’ and officers’ insurance?
Directors’ and officers’ insurance, also known as D&O insurance, is a type of liability insurance for individuals in managerial and executive positions in a company. This insurance is designed to protect directors and officers from personal losses they could experience if they are sued as a result of serving as a director or an officer of a business or other type of organization.
D&O insurance can cover the legal fees an organisation may incur as a result of such legal actions. It encompasses the defence of any legal action that seeks the disqualification of a director, investigations into the conduct of a director or officer at a company, and extradition proceedings, along with any associated appeals. This insurance can also assist with crisis management in the event of a public relations issue that could impact the reputation of the director or the company itself.
| The defence of any legal action seeking your disqualification as a director | |
| Any investigations into you as a director or officer at a company | |
| Extradition proceedings (including appeals) | |
| PR crisis management |
Why do I need directors’ and officers’ insurance?
Having D&O insurance can be paramount, as directors and officers can be personally liable for many of the decisions they make while managing a company. This could range from employment practices and HR issues to financial reporting errors, breach of fiduciary duty, or lack of corporate governance. Legal actions may be initiated by various parties, including employees, shareholders, regulatory bodies, and even competitors.
Directors' and officers' insurance acts as a safeguard for the individuals who take on these significant roles within a company, ensuring their personal finances are not at risk while they perform their duties, and allowing them to focus on their responsibilities without the threat of personal financial loss.
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What directors’ and officers’ insurance can cover?
Our directors’ and officers’ insurance covers your legal costs and expenses in defending a claim, and any compensation or costs that may subsequently be awarded (please check your policy terms and conditions for full conditions), following:
What can be covered:
| Claims by investors or shareholders – such as mismanagement | |
| Actions brought by liquidators – such as suspected wrongful trading or incorrect payments to creditors | |
| Actions brought by HMRC – such as suspected insolvent trading or misappropriation of tax payments | |
| HSE investigations – such as suspected negligence | |
| Police and SFO investigations – such as suspected fraud |
What cannot be covered:
| Claims made against your organisation as a whole – explore professional indemnity insurance to safeguard your business. | |
| Claims related to intentional acts of fraud or crime by a director or officer |
Who needs directors’ and officers’ insurance?
You should consider arranging directors’ and officers’ insurance if you are in charge of a company, for example, a:
- Director
- General manager
- Officer
This includes a wide range of occupations such as:
Engineers
Teachers and tutors
IT contractors
Business consultants
Marketing consultants
Accountants
Roofers
Scaffolders
Example policy documents
Below you will find an examples of the documents provided.
| Terms of business.pdf |
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Frequently asked questions
These frequently asked questions are designed to help you and include questions relating to policy cover, pricing and ‘technical’ terms.
Browse all FAQsThe level of directors' and officers' insurance you need depends on various factors, including the size of your company, the industry you operate in, and the level of risk associated with your business operations.
Directors' and officers' insurance typically covers individuals in managerial and supervisory roles within a company, including directors and officers.
Non-profits could benefit from directors’ and officers’ insurance as this type of insurance protects an organisation's leaders from personal losses if they are sued for alleged wrongful acts whilst in a management position.
If you have any questions, contact one of our insurance experts, here.
Further reading for directors' and officers' insurance
