Here at The County Group, we believe that it is essential to inform our customers on the latest industry and commercial news.
A white paper that has been named ‘Tough at the Top – Protecting your Key People’ written by Allianz Insurance PLC has highlighted the extent of the Insurance Liability problem:
- 54% of business leaders were unaware that directors can be personally and legally responsible for a decision made in the business.
• Only 34% of SME business leaders were aware of the protection that can be provided by Directors and Officers liability cover (D&O).
Even though employer’s liability is now a legal requirement for businesses – and many do take – out public liability insurance, some fail to fully protect their Director interests.
In January, a BBC report found that a companies technical director was found guilty and prosecuted after an employee had died. As well as this, two Directors were prosecuted after a trainee was killed in a fall in Westminster. Both of these cases can show the vulnerability of Directors and implications when things go wrong within the work place. As well as this, it can be more worrying that it is the company’s responsibility to pay for the Director’s legal costs. If insufficient funds are available, the Director can become personally liable. Directors and Officers insurance covers legal costs incurred by Directors, shareholders, officers and non-executive directors when actions are brought against them. It can also cover any resulting settlements, damages and awards.
Here at The County Group we offer competitive rates on Directors and Officers insurance. If you would like to talk through your options and the best route to take, we are here to help you. We can ensure that you’re fully protected with the right level of cover.
If you would like any more information on your insurance, do not hesitate to call us on; 0333 400 2314!