Reasons to buy Directors and Officers Insurance
Why would I need Directors and officers insurance anyway?
“I’m never going to be in the position where I could be sued by one of my employees or stakeholders “
“Isn’t directors & officers insurance only for those running publicly traded or very large businesses?”
The above reasons are not the case. Every director or officer is open to claims. Claims can originate from anywhere customers, competitors, suppliers, employees, the company itself, regulators and governmental and law enforcement agencies.
“We don’t need D&O cover because the directors are covered by the companies’ limited status”
Many directors assume they are covered by the companies’ limited liability status, but this is not the case. Shareholders’ liability is limited, but that of the directors and officers is not.
“It’s not a real risk”
A common misconception made by many directors is that in the event of an incident involving directors, the company will pay their defense costs should an action be taken against them. This may be true in some circumstances, but there are many situations where the company may be unwilling, unable or not permitted to protect their directors and officers in this way.
Contact our Insurance team today to answer any of your queries and obtain a competitive quote. We will work closely with you to identify your insurance needs and wants. To discuss your insurance options, or to obtain a quote, call us now on 091 563 518 or email us email@example.com