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Directors and Officers Insurance 

If you hold a high position in a company, you could have claims brought against you. This could be anything thing from unfair dismissal to misadministration of pensions. The scope of possibilities is vast. Directors and officers insurance (D&O insurance) is key to your insurance portfolio if you want to be protected from lawsuits. This insurance typically covers past, present and future directors. Often board members too. 

To find the best insurance solution for your company’s executive branch, you’ll need to shop around and compare policies.  

At Quotezone.co.uk, we help individuals and companies find and compare D&O insurance from multiple providers. We do this quickly and efficiently. We’re also serious about keeping your information safe and are ISO 27001 certified. So, no need to worry about privacy issues. When you compare multiple quotes with us online, you’ll soon find the insurance providers who would be a good match for your situation. 

Why might I need directors and officers insurance?  

As directors, officers, and managers in a company, decisions are made regularly. Sometimes these decisions can lead to employees or clients opening a lawsuit against the leaders of the company. Directors and officers liability insurance is a financial protection that stands in the gap when claims are made. Litigation costs can be damning. Having this protection is a wise investment for any company, especially if there are high stakes at play. 

What types of things does directors liability insurance protect me against? 

Directors liability insurance typically covers leadership in a company from financial losses and legal costs if a claim is made against them. This might include: 

• Wrongful acts – to clients or employees. 
• Mismanagement – of the business or from a client or employee perspective. 
• Fiduciary issues – typically towards shareholders. 

Is this type of policy the same thing as management liability insurance? 

Directors insurance is often interchangeably used with management liability insurance. They aren’t identical though. Management liability insurance may cover a wider landscape of risks that includes managerial duties not necessarily covered by D and O insurance. It’s important to clear this up before signing your policy. 

Does directors and officers liability insurance cover me for incidents that are caused by my employees? 

No, not necessarily. Directors and officers cover typically pays for claims made against the executive branch of a company. You may need to add extra insurance to include incidents that are caused by all employees at a company.  

Employment practices liability Insurance is a specialised insurance that is focussed on the conduct of your employees. Adding this to your insurance stack would bolster the security of your company even more. Insurance companies may even offer a discounted price for bundling commercial insurance policies.  

Does this type of policy cover me if a visitor to my business premises is injured in an accident? 

No. Not typically. 

Liability insurance for directors and officers is focused on claims directed towards directors of a company about decisions they make. Visitor injuries would not fall into this category. General liability which can also be called public liability insurance is more suited for this type of situation. 

Does this type of policy cover things like fraud or embezzlement? 

That would depend on your policy.  

Insurance for officers and directors may cover certain instances of fraud or embezzlement, but some insurers might choose to stay clear of these muddy waters.  

If this is a particular concern you want to address, it may be worth comparing quotes and policy exclusions from various insurers. You’ll be able to narrow down to the insurance companies who will cover this risk. 

Is it true I’ll have different coverage levels to choose from when I’m ready to take out directors and officers insurance? 

Yes. Typically, directors and officers liability cover comes in various levels. You’ll be able to assess your perceived risks as a company and choose the appropriate level of cover accordingly. For example, as a small business, you may not need the comprehensive cover that a large corporation might need. You could opt for a cheaper or more basic cover. This is a good way of keeping your costs in check. 

Are there any exclusions I should be aware of with directors insurance? 

This will vary from policy to policy. It’s important to read through your policy very carefully and familiarise yourself with the exclusions. Policies are not all the same. Typically though, deliberate misconduct or criminal activities are excluded under D and O liability cover. 

How much does directors and officers insurance cost, on average? 

When it comes to UK directors and officers insurance costs, premiums can vary widely. Each company is different. Those in medical or financial services typically face higher amounts of claims, and the compensation costs can be substantial. These companies will usually pay more for insurance than those in lower-risk industries. 

It’s best to compare quotes online to get an idea of what D and O insurance will cost you. At Quotezone.co.uk, we can help simplify the process of sourcing a wide range of trusted providers so you can compare different quotes and policies. With one simple form to complete, we make it quick and easy. 

What risk factors will influence the cost of this directors’ insurance? 

The following factors typically come into play when it comes to determining premiums: 

• Size of the company. 
• Perceived risks. 
• Type of industry. 
• Claims history. 
• Reputation of the company. 
• Experience of the insured executives. 
• Level of coverage selected. 

If I’ve claimed on my D and O insurance in the past will that affect the cost of this new policy? 

Most likely, yes. 

Past claims are an indication of higher risk. Insurance providers like to draw from a company’s history to determine the perceived risks of insuring it. A clean claims history is always better. However, even with a history of claims, you can find ways to mitigate costs. Shopping around for a cheaper deal is a good start. At the very least, avoid unnecessary lawsuits and try to settle disputes amicably whenever possible. 

What steps can I take to reduce the cost of this insurance policy? 

To get the best price for directors insurance, try implementing the following strategies in your company: 

• Proper risk management protocols. 
• Clear and open communication. 
• Work on company culture. 

• Avoid unnecessary lawsuits. 
• Opt for a basic cover rather than a comprehensive cover. 

You could also speak to your insurance provider directly and find out if you qualify for a discount by bundling insurance. Taking out a stack of insurance policies will not only strengthen the financial security of your company, but you could save money too. Think of things like D and O insurance, general liability insurance and employee insurance. 

What’s the best way to compare directors’ and officers’ insurance? 

A comprehensive way to compare directors and officers insurance is by using a comparison site like ours. Quotezone.co.uk. 

We simplify the search for insurance quotes by matching your needs to insurers across the UK. After entering your information, you’ll instantly have a large number of insurers to compare. We make the comparison process a simple one. The more options you have the greater your chances of finding a more competitive deal. Doing due diligence used to take hours, if not days, but now you can have the information you need with one online search.  

Does the size of my business affect the cost of this directors’ insurance? 

Yes. The size of your business will affect the cost of your Director’s and Officers insurance. 

A small company operating in a low-risk industry would not typically be faced with large claims. Lower premiums are appropriate. 

Large companies, especially those operating in medical or financial advisory services typically face multiple lawsuits and the costs involved can be significant. 

For these companies, insurance costs will be higher.