Do I need Directors and Officers liability insurance?
Do I need to take out additional insurance?
Can I be personally sued?
What does my policy cover?
Your policy will cover the items listed below:-
- Legal costs of a claim or investigation incurred by you or your organization
- Any award or settlement made
- Employment, regulatory pensions, cyber, contractual, pollution and employee dishonesty claims
- Can include contract dispute and debt recovery pursuit
- Negative social media
- Public relation cost
- Circumstances related to investigation costs
Examples of what can happen: –
HM Revenue and Customs prosecuted a property investment company. The reason being that they were alleged to have made false statements in earlier tax investigations. Legal fees in the case came to more than £50,000
The directors of a property management company were called to give evidence following a pollution leak into a local river. The legal fees for the represented company were £10,000.
Breach of duty
Shareholders of a family run property group made a claim against the company and its Directors. They accused the property group of acting unfairly and breaching their duties. The property group seeked an investment which reduced the value of the shares. The legal costs in the case were more than £150,000.00. A minimum settlement was eventually agreed.
What else will I get as part of my cover?
- There will be free access to a comprehensive range of specialist advisors, and advisory services. Offering support to help customers minimize risk and promote growth if required.
- There will be a team of experts working with customers to develop their business sustainability and responsibility for providing design innovation and ethical solutions.
- Knowledgeable and experienced legal teams available when customers need it most. The policy will provide full professional representation to help customers succeed and manage claims successfully.
Other such incidents include:-
- Human resources and employment
- Health and safety
- Waste and environmental regulations
- Money laundering, fraud, bribery and corruption, anti-competitive practices.
The cover with respect to intellectual property covers:
- Data protection and cybercrime
- Legal advice on a range of areas including Directors and shareholders duties, contract disputes, financial crime, motoring and criminal offences.
If you would like to discuss any of the above then request a call back to discuss your options. We can provide a separate policy or include the cover in a building insurance quote.
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