Directors and officers insurance

Q: Is Professional Indemnity (PI) insurance necessary?

This type of insurance protects you if advice you give in a professional capacity causes a client financial loss, or if a claim is made against you for negligence, dishonesty, defamation, infringement of intellectual property rights, or loss of data. So, if your business or trade consists of giving advice, you could consider professional indemnity insurance.

Q: Which professions should invest in Professional Indemnity (PI) insurance?

If you provide advice and consultancy, handle people’s information, or provide an expert service, then you could consider investing in a professional indemnity insurance policy. This could include the below, or similar, professions: - Accountants (both ICA and Non-ICA) - Architects - Engineers - Computer consultants - Surveyors and Property Managers - RICS Surveyors Take a look at our professional indemnity insurance page for more information.

Q: What if I’ve had continuous Professional Indemnity (PI) insurance in the past?

If you have had continuous PI insurance in the years prior to taking out a policy with us, we can help to ensure you have Retroactive Cover in place. This can protect you against any claims that may be made against you for previously completed work, when insured by a different provider. (To keep your eligibility for Retroactive Cover, make sure you don’t let your professional indemnity insurance lapse).

Q: How much Professional Indemnity (PI) cover do I need?

This depends on the risk profile and nature of your business, the total income of your business, the required limit of indemnity, and the level of excess you’d like in place – including any optional extras you decide to add to your policy. Get in touch with us to discuss your specific requirements.

Q: Why do I need to notify Clear Business of a potential claim?

If you think a client may make a claim against your business, tell your insurer and us as soon as possible as it could help to minimise legal costs and distress. This includes if you: - Receive a complaint from a client - Realise you have made an error and can’t easily resolve the problem - Receive a series of escalating complaints on a project - Notice a client withholds payment to you after a complaint - Become aware of a shortcoming in your work that you can’t put right easily It’s important to check the terms and conditions of your current professional indemnity policy for information on your notification requirements, as a late notification or failure to notify may invalidate your policy.

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What is directors and officers insurance?

Running a company involves making tough decisions, and as a director or officer, you could be held personally liable for the outcomes of those decisions. Directors and officers insurance (D&O) is designed to protect individuals in leadership positions from potential legal claims.

Directors and officers insurance (D&O) offers protection for individuals in management positions who could face claims due to alleged wrongful acts in their roles. From employment practices liability to health and safety issues, directors and officers could be exposed to various risks that may result in costly legal actions. Having the right directors insurance in place can help protect their personal assets and cover the defence costs associated with these claims.

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Key features of directors and officers insurance

Directors and officers business insurance includes several key protections to ensure your leadership team is covered:

D&O liability insurance

This cover can protect directors and officers from claims related to wrongful acts, such as negligence, breaches of duty, or mismanagement, helping with legal expenses and defence costs.

Employment practices liability

This cover can provide protection against claims related to employment issues, such as wrongful termination or discrimination, ensuring that your directors and officers are supported in employment-related legal disputes.

Health and safety

Claims arising from breaches in health and safety regulations may be covered, helping directors and officers manage risks related to workplace safety.

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What does directors insurance cover?

Directors business insurance provides extensive coverage, including:

Legal Defence: Covers the defence costs associated with legal claims made against directors and officers, whether due to mismanagement, breach of duty, or other allegations.
Liability Covers: Provides protection from personal liability for directors and officers, ensuring their personal assets are protected in the event of legal action.
Wrongful Acts: Offers coverage for claims arising from alleged wrongful acts committed by directors or officers while performing their duties.

Professional Indemnity insurance FAQ's

If you have a question about professional indemnity insurance, you might find the answer here in our FAQs.

Is Professional Indemnity (PI) insurance necessary?

Which professions should invest in Professional Indemnity (PI) insurance?

What if I’ve had continuous Professional Indemnity (PI) insurance in the past?

How much Professional Indemnity (PI) cover do I need?

Why do I need to notify Clear Business of a potential claim?

For more information on protecting your business, check out our FAQ's Hub

Directors and officers insurance for different business types

Our D&O liability insurance can be tailored to suit various business structures, including:

Limited companies

Directors of limited companies could be held personally responsible for decisions that lead to financial loss or legal action.

Non-profit organisation

Even in charitable or non-profit organisations, directors and officers can face claims of mismanagement or breach of duty, making directors and officers liability a key consideration.

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What is directors and officers insurance?