Why do you need Directors and Officers Liability Insurance?
- Here are just a few areas where claims could be made against you:
- Health & Safety at work act
- Data Protection Act
- Companies Act (over 200 possible offences)
- Racial and Sexual Discrimination Act
- Insolvency Act (wrongful trading)
- E.E.C. Directives and Regulations
- Consumer Protection
Directors have limited liability - NO THEY DO NOT!
I don't have a title director, so I can't be held liable - YES YOU CAN !
The company can indemnify us - NOT IF IT GOES BUST!
We are only a small company - THE SAME LAWS APPLY!
They cannot touch my personal assets - YES THEY CAN !
Any director or officers looking after a company should not act outside their own authority, or commit the company to transactions or agreements that are outside the law or outside their own companies memorandum or association, and to avoid placing themselves in a position where their personal interest conflicts with those of the company.
Anyone with a particular skill or qualification must exhibit a greater duty of skill than those without. e.g. director, officer.
Insurance and the law - The law now permits directors to be able to protect and insure themselves against any liability for negligence, default, breach of duty, and breach of trust, this can include insurance for criminal proceedings, that may be brought against a director or officer of a company.
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