At Ravenhall Group, our team are here to guide and offer the best possible advice to business owners to enable them to make the right decisions about the insurance for their business. While some business owners are happy to accept that our experienced team can put together the right package for them, others are more wary about the details and want to understand the policy and how it can protect them.
Essentially, this policy is set out to protect you as an individual against wrongful acts. This insurance policy could cover the cost of compensation claims made against business directors and officers in some of the following acts:
When you become a director or officer of a business, you are inevitably taking on a financial risk and you legal responsibility, some of that responsibility can pierce the corporate veil and lead to actions made directly against you whether they are with merit or not. Actions can, in these instances, come from shareholders, investors, employees, regulators or stakeholders. Therefore there is a risk for key members of a business. Ravenhall Group understand the personal financial risks and that your liability is unlimited. In the event that allegations are made against you, these allegations will always need to be defended and responded to – which will cost you money. For this reason, our team work with major UK Insurers to offer a flexible cover to protects you and your liability.
While we would all like to hope that we adhere to exceptional business standards and practice, unfortunately at times the unexpected can occur.
If your business does not have insurance to protect directors and officers against legal action, there is a greater risk of being unable to defend themselves against:
Having the right cover in place ensures that you are better protected as an individual. It does not however, protect your business against claims against the company. To learn more about claims, click this link to read examples.
As a team of Chartered Insurance Brokers, we have a vast number of years speaking to business owners, understanding their risk and recommending the right policies. If you would like to discuss your position as a director or officer and if you need a policy in place, get in touch.