Regardless of company size, the extensive set of duties and responsibilities that come with being a company Director could make the position be regarded as a high risk occupation.
Allianz research shows that only 34% of small and medium business leaders are aware of what cover Directors & Officers Insurance provides, with more than half of business leaders - SME and Mid Corporate - stating that they did not realise that a company director can be held personally and legally liable for a business decision.
There is breadth of legislation under which a variety of stakeholders can bring action against a Director. This includes areas that may seem outside of a company's remit such as environmental damage, wildlife protection and defamation. Therefore it is vital to understand the applicable legislation and regulation, and the implications of claims being brought against them.
In partnership with DAC Beachcroft, we have published a white paper called ‘Tough at the Top - Protecting your Key People', to explain the risks faced by company Directors and the protection that a Directors & Officers policy can provide.