Directors and officers insurance
Specialist cover for directors and officers' liabilities from as little as £5 a month
Fast, easy online quote in just 90 seconds
Interest free direct debit
No hidden fees or cancellation charges
Cover starting at just £5 a month
Frequently asked questions
What is directors and officers insurance?
Directors and officers insurance offers vital protection for you as a company director or officer. It pays your legal defence costs and damages that you are legally liable to pay to other parties following a wrongful act committed by you in your capacity as a company director or office. This can include:
- Actions brought by liquidators, where they suspect wrongful trading or incorrect payments to creditors
- Actions brought by HMRC where insolvent trading or misappropriation of tax payments is suspected
- HSE investigations where negligence is suspected
- Police and SFO investigations where fraud is suspected
Do I need directors and officers insurance?
In today's litigious society, claims against directors and officers are becoming increasingly common. These can come from many sources, including:
- Investors and shareholders who blame directors for their loss
- Liquidators that suspect wrongful trading
- HMRC where insolvent trading is suspected
- HSE where negligence is suspect
- Police and Serious Fraud Office investigations where fraud is suspected
While a claim may seem unlikely, particularly for small companies with only one or two directors, the fact is that if a claim was brought against an individual director or officer and cover was not in place, the costs to defend the claim (and any damages payable should the defence be unsuccessful) would have to be funded out of the director's own personal finances. As such, it is worth giving consideration to whether your business needs directors and officers cover.
What kind of claims does directors and officers insurance cover against?
Directors and officers insurance claims are wide ranging, however some examples of claims we have handled include:
Breach of health and safety regulations - a construction company suffered a near miss when a huge pane of glass fell from the fifth floor of a redevelopment project onto the pavement. Miraculously, no one was injured but the Health & Safety Executive made a site visit the following day. This revealed a number of legislative breaches. A variety of actions were subsequently brought against the directors resulting in costs of £45.000.
Divorced team take director vs director action - a husband and wife team equally owned a successful contract cleaning company. Following a messy divorce, the wife accused her husband of deliberately mismanaging the finances to distort the true worth of the business. This is commonly known as a director vs. director action and is on the increase as business pressures mount. Total costs amounted to £75,000.
What limit of cover should I choose?
Many clients and industry bodies with regulatory requirements will require you to have a minimum level of cover in order for you to undertake a contract, so it's worth checking this before you arrange cover. If you're unsure, or it's the first time you have arranged cover, give some thought to a worst-case scenario and the likely costs involved in putting your mistake right. We offer a range of limits on insurance for photographers, so you're sure to find the right cover for your business.
Why should I choose Markel’s insurance?
Markel has over 25 years of experience insuring contractors, consultants and self-employed professionals. We insure over 200,000 micro businesses and are highly rated by our customers at Feefo.com.
We are a division of Markel International, a Lloyd’s and London market insurer that wrote gross premium totals of $1.2 billion in 2018.
To talk about your insurance requirements and better understand our cover, call us on 0800 640 6600 or get a quick quote online.
How are Markel regulated?
Markel is regulated by the Financial Conduct Authority and Prudential Regulation Authority – details of which you’ll find on the Financial Services Register.