Many businesses protect themselves from the event of a claim against them but in a world where high-level employees and directors are held responsible for their company’s activities, it has become essential to protect them from liabilities too. Directors and officers’ liability insurance is designed to protect key decision-makers from liability claims that can impact their personal finances. There are many insurance providers offering this cover so below we have explored what is available.
The table below gives a quick comparison of the UK providers for directors and officers’ insurance.
Company | Minimum cover | Maximum cover |
---|---|---|
AIG | Not stated | Not stated |
RSA | Not stated | Not stated |
AXA | Not stated | Not stated |
Allianz | Not stated | £10 million |
Ageas | Not stated | Not stated |
QBE | Not stated | Not stated |
NFU Mutual | Not stated | Not stated |
Chubb | Not stated | £10 million |
HDI | Not stated | Not stated |
Hiscox | Not stated | Not stated |
Markel direct | Not stated | Not stated |
Travelers | Not stated | £5 million |
CNA Hardy | Not stated | Not stated |
CV Starr | Not stated | Not stated |
Sompo International | Not stated | £15 million |
Versatile Insurance | Not stated | £1 million |
Pen Underwriting | Not stated | Not stated |
Kerry London | Not stated | Not stated |
* The facts and figures included here come from each company’s website and were accurate at the time of writing but may have since changed. Also, please keep in mind these may not be apples to apples comparisons as each provider offers different solutions. This guide should be used as a starting off point for more research on your part.
Below we profile each of the companies’ services and features in a bit more detail.
Note companies are ranked in no particular order and this no way indicates one solution is better than another.
Topics
1. AIG
Some of the features and benefits of AIG’s directors and officers’ insurance.
- Personal and professional responsibility protection
- Choice of cover available
- Cover for breach of duty, neglect, misstatements, errors and omissions
- Reduce the risk of financial and personal consequences
- Essential legal cover
- Protection against new and emerging risks
- Caters for a range of businesses of all types and sizes
- Liability cover
- Can cover past, present and future directors, officers and those in management positions
- Available only through a broker
AIG is an insurance provider that offers a variety of business insurance products which include both standalone products and combined products that target specific industries and professions. Their range of products includes liability insurance to protect businesses from claims and damages such as directors and officer’s liability.
AIG’s directors and officer’s liability insurance is designed to protect employees from personal and professional responsibility for incidents and liability for breach of duty, neglect, misstatements, errors and omissions. It reduces the risk on individuals for personal and financial consequences from existing, new and emerging risks for past, present and future directors, officers and employees in management positions.
2. RSA
Some of the features and benefits of RSA’s directors and officers’ insurance.
- Management protection insurance
- Suitable for directors, trustees and individual insured people
- Includes past, present and future people in these roles
- Offered on an aggregate or single claim basis
- Protection against personal liability for wrongful acts
- Safeguards your financial stability
- Covers the cost of legal representation and investigations
- They offer cover extensions
- Option to include penalties, fines and compensation
- Also offer corporate manslaughter and homicide act cover
RSA is an insurance provider that offers a range of business insurance products including products that offer business protection like management protection which provides cover for directors, trustees and individual insured people in management positions.
RSA’s management protection is designed to offer cover as either an aggregated basis or as a single claim basis. It covers those in management positions in the past, present and future against personal liability for wrongful acts and safeguards their financial stability. The cover provides legal representation and investigation costs and can also be extended to include the cost of any penalties, fines and compensation as well as cover for corporate manslaughter and homicide.
3. AXA
Some of the features and benefits of AXA’s directors and officers’ insurance.
- Management liability insurance
- Covers directors and officers
- Includes cover for retired directors
- Employment claims
- Pension claims
- Regulatory mitigation cover
- Environmental clean up costs up to £25,000
- Infringement of copyright
- Cyber liability cover
- Worldwide coverage
AXA is an insurance provider that offers a variety of business insurance which includes liability protection products. This range includes management liability which covers directors and officers, company legal liability and employment practices liability for businesses that are PLCs, charities, clubs, associations.
AXA’s management liability insurance covers current and retired directors against risks of liability for the business’ activities. Their cover includes employment claims, pension claims, regulatory mitigation which includes all area of regulatory investigations, environmental clean-up costs up to £25,000, infringement of copyright and cyber liability cover. They provide worldwide coverage that includes the US.
4. Allianz
Some of the features and benefits of Allianz’s directors and officers’ insurance.
- Specialist directors and officers’ cover
- Provides management liability cover
- Suitable for businesses with up to £200 million annual turnover
- Offers personal liability cover for directors, officers and managers
- Covers claims that result from decisions and actions
- Will pay third-party compensation costs
- Can include reputational costs
- Cover for employee theft
- Offers a range of optional cover
- Provides employment practices helpline
Allianz is an insurance provider that offers a variety of business liability insurance products which includes specific directors and officers’ liability insurance. Their policy offers management liability cover to businesses that have a turnover below £200 million per annum.
Allianz’s directors and officers’ liability insurance protects directors, officers and managers from personal liability in the event of an incident resulting in a claim due to decisions and actions of the business/individuals. Their cover includes third-party compensation costs, reputational costs, company entity liability and employee theft. They also offer a range of optional extras to extend the cover further.
5. Ageas
Some of the features and benefits of Ageas’ directors and officers’ insurance.
- Property owner’s insurance
- Can include directors and officers’ liability
- Flexible policy
- Property cover
- Loss of rent
- Public liability
- Employer’s liability
- Legal expenses
- Landlord’s legal protection
- Only available through a broker
Ageas is an insurance provider that offers a variety of business insurance products as combined policies which are designed for specific professions or industries. Their combined cover product range includes property owners’ insurance designed for businesses with one or more properties and the cover can include directors and officers’ insurance.
Ageas’ property owners’ insurance is a flexible policy that allows you to tailor the cover to meet your business’ needs. You can select the cover you want from property cover, loss of rent, public liability, employer’s liability, directors and officers’ liability, legal expenses and landlord’s legal protection. You can only purchase this policy through a broker.
6. QBE
Some of the features and benefits of QBE’s directors and officers’ insurance.
- Comprehensive cover
- Covers financial losses from actual or alleged wrongful acts
- Protects individuals from claims
- Tailored cover
- Defence costs and expenses
- Investigation and extradition costs
- Will get to know your business and your risks
- Provides expert claim handling support
- Offers a range of complementary cover
- Can be combined with other policies
QBE is an international provider of business insurance which includes a range of liability insurance to protect businesses and key individuals from claims. They offer comprehensive directors and officers’ liability policy that can be purchased as a standalone product or combined with other covers.
QBE’s directors and officers’ liability cover provides protection from financial losses resulting from actual or alleged wrongful acts that are held against a company’s management. Their cover provides defence costs and expenses as well as any investigation costs and extradition costs if needed. In order to tailor the policy to you, they will get to know your business.
7. NFU Mutual
Some of the features and benefits of NFU Mutual’s directors and officers’ insurance.
- Protection for directors, officers and partners
- Covers legal action and expenses
- Actual or alleged breach of duty or neglect
- Partnership disputes
- Employee injuries including corporate manslaughter up to £100,000
- Protect your assets and financial security
- Tailored cover
- Expert public relations support
- Optional extras
- Offers complementary cover
NFU Mutual is an insurance provider that is run for the benefit of its members. They provide a wide range of insurance products and they specialise in farming insurance. Their insurance range includes liability cover such as directors and officers’ liability.
NFU Mutual’s directors and officers’ liability provides legal protection for directors, officers and partners in the event of a claim arising from an actual or alleged breach of duty or neglect. Their cover also includes partnership disputes and employee injury including corporate manslaughter. The policy is designed to help protect your business assets and personal finance. You can combine the cover or add optional extras.
8. Chubb
Some of the features and benefits of Chubb’s directors and officers’ insurance.
- Elite Directors and Officers’ Liability
- Comprehensive cover
- For public listed, private companies and SMEs
- Covers defence costs and legal liability
- Wrongful acts cover
- Cover errors and omissions
- Includes misstatement and negligence
- Covers breach of duty
- Protection for directors, officers, managerial and supervisory employees
- Includes past, present and future
Chubb is an insurance provider who offers a variety of business insurance products which includes tailored policies designed to meet the needs of certain industries and professions. Their range of packaged insurance cover includes a range of liability cover such as directors and officers’ liability.
Chubb’s directors and officers’ liability insurance offers comprehensive cover that protects past, present and future directors, officers, managerial and supervisory employees that work for public listed, private companies and SMEs. It covers defence costs and legal liability for a variety of claims including wrongful acts, errors and omissions, misstatement, negligence and breach of duty.
9. HDI
Some of the features and benefits of HDI’s directors and officers’ insurance.
- Protection for corporate leaders and executives
- Cover for claims of damages
- Peace of mind insurance to allow decision-makers to do their job
- Protection for personal assets
- Covers breach of duty
- Statutory liability claims
- Gives corporate leaders substantial support
- Global coverage
- Offers other liability cover
- Has a global network of claims lawyers and can rapidly settle claims
HDI is an international insurance provider that offers a variety of business insurance products which includes a range of specialist insurance products that cater for specific risks such as directors and officers’ liability.
HDI’s directors and officers’ liability insurance is designed to protect corporate leaders and executives from claims for damages so that they can do their job and make decisions without the worry of litigation. Their cover protects the personal assets of those insured in the event of a breach of duty and statutory liability claims. They offer global coverage with their network of claims lawyers that will aim to settle claims rapidly.
10. Hiscox
Some of the features and benefits of Hiscox’s directors and officers’ insurance.
- Cover for your company and directors and officers
- Financial protection for those insured who are personally liable
- Protection for directors, partners and officers
- Covers the cost of compensation claims
- Actions and omissions
- Health and safety claims including manslaughter
- Employee claims
- Breach of duty or trust
- Negligence, defamation and wrongful trading
- Available only through a broker
Hiscox is an insurance provider that offers a wide range of business insurance products which includes a variety of liability insurance designed to protect businesses from claims. Their range includes directors and officers’ liability insurance which provides cover for both your company and key personnel including directors, partners and officers.
Hiscox’s directors and officers’ liability insurance is designed to cover the costs of legal defence and compensation claims. It covers actions and omissions, health and safety claims, manslaughter, employee claims, breach of trust or duty, negligence, defamation and wrongful trading. Hiscox’s insurance policies are only available through a broker.
11. Markel direct
Some of the features and benefits of Markel direct’s directors and officers’ insurance.
- Specific directors and officers’ liability insurance
- Suitable for limited companies
- Provides cover for wrongful acts
- Protects individuals who have personal liability
- Covers legal costs and expenses
- Investigation costs if needed are covered
- Offers PR crisis management service
- Health and safety breaches
- Includes actions brought about by a range of bodies
- Can help you meet regulatory requirements
Markel direct offers a broad range of business insurance products that are tailored to meet the needs of a variety of professions and industries. Their range includes liability cover such as directors and officers’ liability insurance which protects individuals who can be held personally accountable and liable.
Markel direct’s directors and officers’ liability insurance is designed for limited companies to protect them from claims for wrongful acts and health and safety breaches which can be brought against you by liquidators, HMRC, HSE, police and serious fraud investigations. It covers legal costs and expenses, investigation costs, PR crisis management and it can help you to meet regulatory requirements.
12. Travelers
Some of the features and benefits of Traveler’s directors and officers’ insurance.
- Dedicated cover
- Covers directors, officers and managers
- Comprehensive liability cover
- Aggregate or one claim basis
- Legal costs and expenses
- Compensation costs
- Health and safety investigations
- Crisis event costs
- Includes past individuals
- Indemnity limit of £5 million
Travelers is an independent insurance provider that offers a range of business protection insurance which includes several management liability products such as directors and officers’ liability insurance. Their cover provides protection for individuals in the event of a claim for both current and past individuals.
Travelers’ directors and officers’ liability insurance offers comprehensive liability cover up to an indemnity cover of £5 million for directors, officers and managers. Their cover offers a choice of aggregated cover or single claim basis which provides legal costs and expenses and compensation costs. It covers claims for wrongful acts, health and safety investigations and crisis event costs.
13. CNA Hardy
Some of the features and benefits of CNA Hardy’s directors and officers’ insurance.
- Management liability
- Includes directors and officers’ liability
- Also employment practices liability
- Suitable for public, private, not-for-profit and charity organisations
- Designed to protect the financial wellbeing of your business and key personnel
- Provides cover for third-party, employee, investor and creditor claims
- Includes regulatory investigations cover
- Covers employee disputes including allegations of harassment and discrimination
- Also covers health and safety investigations
- Financial loss from employee dishonesty
CNA Hardy offers a range of business insurance products including management liability cover. Their management liability cover offers protection in the form of directors and officers’ liability, employment practices liability, crime, pension trustee liability and public offering of securities insurance or prospectus liability. Their insurance is designed to meet the needs of public, private, not-for-profit and charity organisations.
CNA Hardy’s management liability offers protection for both your business and the personal liability of key personnel. It is designed to protect you from claims from third parties, employees, investors and creditors. It covers regulatory investigations, health and safety investigations, financial loss from employees and employee disputes including allegations of harassment and discrimination.
14. CV Starr
Some of the features and benefits of CV Starr’s directors and officers’ insurance.
- Management liability insurance
- Covers directors and officers’ liability
- Crime and fidelity
- Employers practices liability
- Covers directors, the c-suite and management
- Designed for commercial and financial institutions
- Suitable for public, private and non-profit entity
- Gives security in the decisions that managers make
- Cover for a broad range of alleged mistakes
- Offers a range of complementary cover
CV Starr is a global insurance and investment organisation that specialises in business property and casualty insurance. Their product range includes management liability which offers a variety of business protection cover which includes directors and officers’ liability, crime and fidelity cover, and employers practices liability.
CV Starr’s management liability is designed to meet the needs of commercial and financial institutions that can be public, private and non-profit entities. It provides protection for managers and security in making business decisions knowing that they have insurance to cover them for a broad range of alleged and actual mistakes.
15. Sompo International
Some of the features and benefits of Sompo International’s directors and officers’ insurance.
- Management liability insurance
- Includes directors and officers’ liability
- Caters for all industries except financial institutions
- Global coverage
- Available to publicly traded, private and not-for-profit organisations
- Offers a capacity of £15 million
- Flexible cover
- Employment practices liability
- Extensive underwriting abilities
- Dedicated claims handling team
Sompo International is an international insurance provider that offers a variety of business insurance products that cater for a wide range of businesses. Their product range includes management liability insurance which can cover directors and officers liability, Side-A and Side-A DIC coverage, employment practices liability, pension trustee liability, public offering of securities insurance and commercial crime.
Sompo International’s management liability insurance offers a capacity up to £15 million and it caters for all industries except financial institutions whether they are publicly traded, private or not-for-profit organisations. They offer global coverage and flexible cover through their experienced underwriting team.
16. Versatile Insurance
Some of the features and benefits of Versatile Insurance’s directors and officers’ insurance.
- Dedicated directors and officers’ liability insurance
- Suitable for small to medium-sized businesses
- Protection from personal litigation
- Indemnity limit of £1 million
- Can include employment practices up to £1 million
- Legal and defence costs
- Compensation costs
- Past, present and future cover
- Covers wrongful acts
- Available to UK based companies with an annual turnover below £20 million
Versatile Insurance is an insurance provider that offers a variety of business insurance products that are targeted towards small to medium-sized businesses. Their product range has a selection of liability insurance products which includes directors and officers’ liability that can also cover employment practices cover.
Versatile Insurance’s directors and officers’ liability insurance offers up to £1 million of indemnity which includes legal and defence costs as well as compensation costs for past, present and future directors and officers. It covers wrongful acts such as breach of duty or trust, negligence, error, misstatement, misleading statements, omissions and any other act wrongful committed.
17. Pen Underwriting
Some of the features and benefits of Pen Underwriting’s directors and officers’ insurance.
- Tailored directors and officers’ liability insurance
- Cater for private companies, solicitors, charities and not-for-profits
- Ability to increase and decrease cover levels
- Flexible wording
- Limits per any one claim basis
- Offers wide definitions of wrongful acts, insured persons and claims
- Corporate liability
- Employee practices cover
- Fidelity cover
- Provides dedicated specialist helplines
Pen Underwriting is an underwriter that offers a range of business insurance products through brokers. Their range includes management liability insurance which comprises of directors and officers’ liability insurance, corporate liability, employee practices and fidelity cover.
Pen Underwriting’s directors and officers’ liability insurance offers flexible policies that are worded to meet the specific needs of the business and they provide limits per section on any one claim basis. Additional cover included as standard are pollution defence costs, personal liability for unpaid taxes, contractual liability defence costs and social media defence costs. Their policies offer wide and flexible wording in regard to wrongful acts, insured persons and claims.
18. Kerry London
Some of the features and benefits of Kerry London’s directors and officers’ insurance.
- Dedicated directors and officers’ liability insurance
- Indemnifies for losses and defence costs
- Protection against claims for wrongful acts
- Breach of trust or duty
- Neglect
- Error
- Misleading statements
- Wrongful trading
- Has an in-house claims management team
- Provides a dedicated account team
Kerry London is an insurance underwriter and broker who offers a wide range of business insurance products which includes liability and business protection products. Their management risks insurance includes directors and officers’ liability insurance.
Kerry London’s directors and officers’ liability insurance offers protection for directors and officers and indemnifies them for personal liability for losses and defence costs resulting from wrongful acts. They cover wrongful acts such as breach of trust or duty, neglect, error, misleading statements, wrongful trading and you can extend the cover to include defence costs for criminal and regulatory investigations and trials which is not typically covered.