Directors & officers insurance for small businesses
Did you know that your important role as a director, partner or managing director in your small business comes with additional personal responsibilities?
A directors’ & officers’ (D&O) policy covers your legal liability as a director or officer of the company if legal action is taken against you. With this type of small business insurance, you could receive financial support towards legal fees if your business faces allegations of wrongdoing.
Some real examples of when you could benefit from having directors’ & officers’ insurance include:
You are personally sued by the Health and Safety Executive for alleged breaches of health and safety legislation which resulted in the accidental deaths of two employees.
An employee, dismissed from her job for gross misconduct because she failed to pass a test, makes a claim against you for alleged sexual discrimination and sexual harassment.
Two team members are injured while carrying furniture across the office. If they believe that appropriate health and safety measures were not in place, they could make a claim against you personally.
Lukango has partnered with Markel Direct, who underwrite and administer the policies, to offer specialist directors’ & officers’ insurance designed to protect small business leaders from these types of risks.
Find out more about small business directors’ & officers’ insurance below, or click here to get a quote:
Directors & officers can protect you against the cost of compensation caused by
Allegations of financial mismanagement
Breaches of health & safety regulations
What is directors & officers insurance?
Directors and officers (D&O) insurance is a type of insurance that protects the individuals who serve as directors and officers of a company from legal defence costs if they are sued for alleged wrongful acts in their role as directors, partners, or officers.
This type of insurance is particularly relevant for small businesses in the UK as it can protect the personal assets of the directors and officers of the company.
Get directors & officers insurance for your small business from our insurance partner Markel Direct and:
- Get tailored quotes in minutes
- Get covered and all your documents the same day
- UK-based expert support, online and on the phone
Do I need directors & officers insurance cover?
Small businesses with individuals who hold key responsibilities may be exposed to claims made against their directors and officers. Defending such claims can be costly, even if they are ultimately unsuccessful. Directors’ and officers’ insurance is designed to respond to certain legal costs and expenses associated with these types of claims, depending on the policy terms and conditions.
Frequently asked questions about Directors & Officers
- Can Lukango explain Directors & Officers insurance?
Directors’ and Officers’ (D&O) insurance is a type of business insurance that relates to claims made against company directors or officers for alleged wrongful acts in the management of a business. This can include claims for things such as legal costs, settlements or regulatory investigations, depending on the insurer and the terms of the policy.
To understand what is covered and how D&O insurance applies to your business, you can speak to Markel Direct, Lukango’s insurance partner.
- What factors can affect the cost of D&O insurance?
The cost of Directors’ and Officers’ (D&O) insurance can vary depending on factors such as the size and nature of the business, its financial position, the industry it operates in, the number of directors and officers to be insured, and the level of cover selected.
To understand how these factors affect pricing and what options are available for your business, you can speak to Markel Direct, Lukango’s insurance partner.
- Do non-profit businesses need Directors & Officers insurance?
Directors’ and Officers’ (D&O) insurance can apply to a wide range of organisations, including non-profit and charitable organisations. Directors and officers of non-profits can face claims relating to how an organisation is managed, just like those in other types of business.
Whether D&O insurance is relevant, and what it covers, depends on the insurer and the nature of the organisation. To understand what options are available, you can speak to Markel Direct, Lukango’s insurance partner.
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