Vision Insurance Services Limited
61 London Road
Tel: 01276 850 544
Fax: 01276 472 588
|Directors & Officers Liability|
Whilst a company’s liability is limited by its ability to meet its debts, a Director's liabilities are potentially unlimited.
Therefore, a Director’s personal assets (i.e house, car, etc) are potentially at risk in the event of litigation.
It is not just Directors who are at risk from litigation. By its nature, a company is an inanimate object and can only be controlled by individuals. Therefore, it is those persons who act as the ‘mind and will’ of the company who can also be liable. For example:
Most directors and officers will demand to be protected rather than put their personal assets at stake.
Examples of why do you need Directors and Officers Liability Insurance
Here's just a few areas where claims could be made against you:
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! (OR ISNT ALLOWED TO BY LAW)
We are only a small company: THE SAME LAWS APPLY!
They cannot touch my personal assets: YES THEY CAN !
Remember: It’s not just the award against the Director/Officers. Defence costs can be extremely expensive.
How much does the cover cost?
The premium will generally depend on:
Premiums can start at as little as £300, but the actual quotation will depend on your exact requirements, and the type/size of your company.
Please feel free to have a no-obligation chat with Vision Insurance Services Ltd. We can provide you with additional information, and a no-obligation quotation.
Telephone: 01276 850 544