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Directors and Officers Insurance
Gives financial protection for possible repercussions of acting on behalf of your company. AKA management liability insurance, offers protection for personal claims proceedings arising against you from decisions or acts in the workplace. Includes legal defence costs for wrongful acts and protection from stakeholders, shareholders, trading standards, environmental or other regulatory claims.
- If you have staff employers’ liability insurance is a legal requirement
- Legal defence costs for compensation claims from employee injuries or work-related illness if you are at fault
- Policies to cover a wide range of businesses
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Why choose directors and officers insurance with Towergate?
Legal cover with directors and officers insurance policy
We are able to offer policies with no excess to pay if a claim against you as an individual is successfully defended.
Personalised directors and officers liability insurance
We can offer tailored cover to suit your needs including cover for start-ups.
Professional claims service
Expert advice to help you with claims you face.
Pay by Direct Debit
We offer a quick and easy Direct Debit instalment scheme so you can spread payment over ten months.
About directors and officers insurance
Defence costs for corporate health and safety
Defence costs of health and safety, including corporate manslaughter, are included in our directors and officers liability insurance policies, meaning that should the very worst happen, your costs are covered.
Cover for retired or resigned directors
Directors and officers liability insurance can include up to 6 years' run off cover from the date of retirement/resignation, protecting past directors should a claim arise out of work completed during their employment.
Costs and awards of claims
Defence costs and awards arising from pollution, a failed private offering, administration of a company pension or benefit scheme, or by individual shareholders are covered by directors and officers liability insurance.
Additional policy benefits
The directors and officers liability insurance policy can be packaged as part of a management portfolio to include employment practice liability and corporate legal cover.
When you need to make a claim, we'll guide you through the process and get your claim settled as quickly as possible.
- Find your insurance documents and make sure you have all your information at hand, including your policy number.
- Call us on 0344 892 1384 and explain exactly what happened.
- Provide photos if requested to help us understand what happened as quickly as we can.
Ready to get covered?
- Fill in our online quote form or call us
- Select your insurer and price
- Relax - you're covered!
Directors and officers insurance FAQs
As the leaders of your organisation, your company’s director(s), manager(s), supervisor(s) and board member(s) could be held personally liable and may find that they need additional protection. In a role which faces increased scrutiny, and vulnerability when things go wrong, it is important to have support in place should these members of your team face claims, or allegations, from the actions they have taken as part of their job.
People in these roles are likely to have responsibilities which pose a higher risk for claims by stakeholders, shareholders, trading standard or regulatory bodies. Should an allegation or claim arise, directors and officers personal finances are at risk. Even if the case doesn’t go to court, the allegation will still need to be investigated and this can incur significant costs. By purchasing directors and officers insurance this can help cover legal costs which arise during a claim.
The basis of directors and officers insurance, also known as D&O insurance, is to provide financial protection for senior members of staff who face allegations of ‘Wrongful Acts’.
‘Wrongful Acts’ can include a breach of trust of duty, neglect, error, misleading statements or wrongful trading which is carried out by a senior member of staff acting on behalf of your company. ‘Wrongful Acts’ can include both actual or alleged acts committed.
Directors and officers insurance can offer liability cover for any allegations surrounding ‘Wrongful Acts’ which includes defence cost and any financial losses which in some cases can amount to hundreds of thousands of pounds.
This policy can include all active senior members of the company, as well as any previous and future ones, to protect them against any claims that arise from projects that were completed during their term of employment at your company.
Yes, we can cover board members for outside entities, as long as these memberships are specified at the start of your policy. This will exclude PLCs, firms with assets in the USA and a range of Financial institutions – private equity, securities, banking and insurance etc.
In the event that someone acquires more than 50% of your company, or you consolidate with another company please contact your adviser to ensure you are protected.
Our policy can cover the lawful spouse and civil partners of directors in enforcement proceedings against joint assets.
No. There is no minimum or maximum amount for eligibility.
We can offer cover for FCA regulated firms as part of a package policy so you can include it if you are also buying other cover such as professional indemnity.
If you do not have directors and officers insurance, your directors and officers will find themselves personally liable against any claims and potentially unable to defend themselves.
Having D&O insurance in place can reassure your staff that if they find themselves in the position that they need to defend themselves from a claim and the accompanying hefty legal costs, the cover is in place to support them.
Consequences of not being able to defend a claim include being disqualified as a director/officer, criminal prosecution, custodial sentences, bankruptcy, financial hardship and trauma for all parties involved.
Examples of directors and officers claims include:
- Accidents at work
- Breach of fiduciary duty
- Defamation
- Discrimination
- Fraud
- Failure to comply
- Health and safety including corporate manslaughter
- Misrepresentation
- Misuse of company assets and funds
- Negligence
- Sexual harassment
- Theft of IP
- Unfair dismissal
- Withholding information
- Wrongful termination
In many companies, directors and officers insurance is taken out by the company itself as an act of goodwill to protect the leaders of the company.
If a stakeholder was to make a claim against your organisation as a whole then this would not be covered by D&O insurance. It is only applicable if the specified individuals on the policy are being accused of ‘Wrongful Acts’ as individuals.
If you would prefer to spread the cost of your policy you have the option of setting up a Direct Debit to pay your premium in equal monthly instalments through our preferred provider, Premium Credit Limited (PCL).
If you want to know more about our monthly payment option, please read our dedicated page on Direct Debit. To understand more about how PCL work together with Towergate, please read our Regulatory Information.
If you would like to know more about our monthly payment option, please visit our dedicated Direct Debit page.
Directors and officers insurance can be packaged up with employment practice liability and corporate legal cover to provide a more thorough cover.
Directors and officers insurance articles and guides
27/07/2020
Protection for Care Industry Directors and Officers
As lockdown limitations are lifted businesses need to adapt to new regulations and restrictions, and cope with fluctuations in financial performance.
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