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Why bother with Directors and Officers Insurance
· Directors, when making decisions, must be mindful of the impact of such decisions on employees, shareholders, customers, suppliers, contractors, competitors, government regulatory bodies and the wider community and environment.
· Even though the Company may have limited liability, a director’s personal liabilities are unlimited - in other words, their personal assets are at risk.
· Legislation such as the Companies Acts, Data Protection Act & Environment Acts place responsibilities on directors as well as the company.
· In these litigious times there is a tendency to pursue actions from both companies and individuals in their own right.
· Even where claims are successfully defended, defence costs can be substantial.
· Company directors can be personally responsible for:
o Employment disputes including wrongful unfair or constructive dismissal, harassment and wrongful discipline
o Anti-discrimination regulations such as sexual racial and age discrimination
o The company’s health & safety to its employees and others.
o Ensuring the company’s accounts give a true and fair view
· A Directors and Officers Liability policy covers the legal liability of Directors and Officers including defence costs and expenses following an actual or alleged act or omission.
Please call Colin Hackett on 0151 237 7324 if you would like more details.
