A Director’s personal liability is unlimited
A Director’s personal assets are at risk if they breach their duties as a Director and/or if they are in breach of an Act of Parliament
e.g. The Companies Act 2006, The Employment Act 2008, The Corporate Manslaughter and Corporate Homicide Act 2007, The Equality Act 2010, The Public Interest Disclosure Act 1998 (Whistleblowing), The Bribery Act 2010, The Health and Safety (Offences) Act 2008 etc
Directors may face an investigation from regulators
e.g. The Financial Conduct Authority, The Health & Safety Executive, HM Revenue & Customs, The Department for Business Innovation & Skills (Formerly the DTI) etc
Directors & Officers Liability (D&O)
D&O insurance provides protection for the Directors and Officers of limited companies against any personal liability they incur as a result of any covered wrongful act they commit in this capacity. D&O policies can also be extended to include:
Protection for claims made against the company for financial loss. For example – prosecutions by regulatory agencies, claims from third parties such as competitors or business partners.
Employment Practices Liability
Protection for the company against claims by employees for breaches of employment conditions or regulations. For example – unfair dismissal, racial discrimination, age discrimination, unequal pay.
Protection for the company against an act or acts of fraud or dishonesty which results in an actual personal gain for the Employee and which such Employee knows will cause the Company to suffer
Direct Financial Loss.
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