Directors & Officers Insurance

Prepared by:

Ascend Broking Group

Directors & Officers Insurance - a business necessity

Did you know that your personal assets are at risk whilst running your business?

What protections do you have in place in the event you are personally sued by employees, vendors, competitors, investors, customers, or other parties for actual or alleged wrongful acts in running your business?

We can help.

Directors and officers cover (D&O) insurance provides a suit of armour in the face of legal action, with an insurer stepping in to provide guidance at the first sign of a problem and ensuring legal costs and damages are met.

Businesses need to be extra mindful of how they address this risk to their directors and employees. Everything is changing at an unprecedented rate during this crisis and businesses need to act. One potential solution could be to have specialist insurance that will give peace of mind and cover you, your senior management and your business should a claim arise.

Day-to-day business decisions which may affect shareholders, customers and staff are not protected by limited status, and if proven negligent the personal wealth of Directors or an officer is at risk.

What can these claims be? With 1,600 rules and regulations directors should be aware of, it’s impossible to keep on top of them all. This means there are many areas where firms could slip up. Claims could include:

Non-compliance issues under the Companies Act 2006 – hundreds of possibilities
Employment Practice Liability
Health and Safety at work
GDPR – General Data Protection Regulation
Disability Discrimination Act
Racial, sexual and age Discrimination
Insolvency Act
Corporate manslaughter

We have recently launched a new directors and officers insurance package to help guide businesses through related issues and legal implications. It also provides award-winning legal assistance that embraces both traditional law and ultramodern technology to the benefit of businesses seeking legal education and representation.

If you would like to discuss any aspect further then please contact me or any the team and we will be delighted to provide more information.

Kind regards,

Matthew Collins
Managing Director
Ascend Broking Group Ltd
Tel: 01245 449060
Email: [email protected]

How would you fund the legal costs and awards made against you?

Your home could be at risk

How does a Directors & Officers policy work?

Policy Cover

Our management liability policy provides cover defence costs & fines for:

Individual Directors & Officers
The Business
Employment Disputes
Financial Crime

D&O coverage provides protection for directors & managers against the consequences of actual or alleged “wrongful acts”

What does a policy cover?

Negligence
Breach of duty
Wrongful trading
Costs & awards
Previous directors
Legal costs
Regulatory investigations
Regulatory prosecutions
Breaches of contract
Fees for intervention
Employment tribunal and ACAS claims
Legal defence for directors, trustees, partners and officers
Defence for the organisation itself

Directors & Officers Unlimited Personal Liability - Read More

Your Business Needs D&O Insurance

It’s a common misconception that D&O claims are mostly a public company phenomenon. All public, private, and non-profit companies face D&O litigation risks

Free award-winning legal support

Access to a specialist litigation and commercial law firm that includes:

Unlimited access to the rradarstation legal support
A 24 hours, 7 days a week crisis line straight to a solicitor at no additional cost
A crisis line straight to a solicitor at no additional cost
Legally privileged advice, support and representation
Downloadable legal and regulatory advice, support guides, letters and templates
Access to our digital tools via exclusive portal
£25,000 pursuit cover for contract disputes and debt recovery
£100,000 data protection breach customer/supplier contact cover
£25,000 negative social media crisis and public relations costs
£25,000 circumstance investigation/mitigation costs
£100,000 employee theft cover*
Deprivation of assets
Employment civil fines
£25,000 pollution clean up cost cover
Third party electronic funds transfer cover*

In addition to the various covers, having access to rradar’s advice service can reduce the impact of non-monetary costs such as:

Loss of directors’ time
Stress and worry for directors and managers
Lack of focus on the key business issues due to impending court hearings
Brand damage
Employee engagement impact

This is an essential cover for all senior managers

You personally can be charged when there is a workplace accident – and prosecutions are on the rise

Employment Practice Liability

EPL provides protection against many kinds of employee lawsuits, including claims of:

Sexual harassment
Discrimination
Wrongful termination
Breach of employment contract
Negligent evaluation
Failure to employ or promote
Wrongful discipline
Deprivation of career opportunity
Wrongful infliction of emotional distress
Mismanagement of employee benefit plans

This is an optional extension to a D&O policy

Exposures exist for executives when hiring and firing staff, as well as situations where they fail to provide a safe working environment, free of harassment and bullying.

Lawsuits brought by employees can include allegations of defamation, wrongful dismissal, constructive termination, as well as sexual harassment and discrimination, to name a few