Between regulatory changes, increased technology troubles and everyday exposures, the past year has seen a significant increase in liability claims for senior-level business executives. Indeed, a recent survey found that nearly a quarter of senior managers have had at least one claim made against them, and over 30 per cent reported concerns of a claim headed their way in the future.
In response to this growing culture of increased directors’ and officers’ liability, 70 per cent of senior decision makers said that their job responsibilities have increased in the last 12 months. In addition, over 30 per cent of respondents said there is a greater emphasis now on senior management accountability than ever before. Key business elements that have led to such liability growth include technology, political and regulatory changes, as well as environmental factors.
Senior management can face claims from a variety of parties (eg employees, clients and governing body) for a range of reasons (eg discrimination, noncompliance and mismanagement), placing them at increased risk. And the consequences of liability concerns can be severe, including legal expenses, hefty fines and even jail time.
Such a culture shift emphasises the need for robust D&O liability cover.
D&O Insurance provides protection for the Directors and Officers of limited companies against personal liability incurred as a result of any covered wrongful act committed in this capacity. A Director’s personal liability is unlimited. Cover can also be extended to include Employment Practices Liability Insurance
We can provide you with a No Obligation Directors & Officers Insurance Quotation (D&O) from £85.00 per annum – Request a Quote Now!