As a business you are responsible for the actions of your directors, senior staff and employees. As such, most claims made will involve the company, either as the sole target or jointly with one or more individuals. This means that this policy type is aimed at providing a level of protection for you and your fellow directors, officers and even employees as you will have an unlimited personal liability for decisions and actions you make on behalf of your company. It would be important to add that these can be civil, criminal or regulatory in nature.

Civil claims include historic common law duties which have now been set in law predominately under the Companies Act 2006. Put simply these give rights to others including shareholders, investors, employees, customers and creditors to take legal action against you if they believe you have acted negligently or not in the interests of your company. Criminal or regulatory claims are those that impose a personal liability on you for your actions and numerous government regulators have the power to investigate or prosecute you. In the most serious of cases, you can be imprisoned. Even if you have done nothing wrong, you will need to incur significant legal costs in obtaining the necessary legal expertise to defend you.

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This covers your personal wealth for defence costs incurred during a claim and awards made against you, for example:

  • Claims by investors or other shareholders (including other directors)
  • Defence costs and awards of claims arising from your personal involvement with the administration of any company pension

This covers your company and your employees against defence costs and awards from employment claims arising from, for example:

  • Allegations of sexual harassment or wrongful dismissal by employees
  • Allegations of incorrect selection for redundancy

This covers your company against defence costs and awards associated with events such as:

  • Allegations you have breached regulations, for example, Tax, Health & Safety or Trading Standards
  • Claims by investors or shareholders
  • Direct financial loss from employee dishonesty