{"id":536,"date":"2011-11-30T08:45:29","date_gmt":"2011-11-30T08:45:29","guid":{"rendered":"http:\/\/www.forestsoftware.co.uk\/blog\/?p=536"},"modified":"2015-04-13T14:18:24","modified_gmt":"2015-04-13T13:18:24","slug":"insurance-for-directors-of-small-businesses","status":"publish","type":"post","link":"https:\/\/www.forestsoftware.co.uk\/blog\/2011\/11\/insurance-for-directors-of-small-businesses\/","title":{"rendered":"Insurance for Directors of Small Businesses"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes : <\/span><\/span><p>As \u00a0a small business director are you aware that directors and other officers of a small businesses have various duties, responsibilities and powers in connection with their position?<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-537\" title=\"directors and officers insurance\" src=\"http:\/\/www.forestsoftware.co.uk\/blog\/wp-content\/uploads\/2011\/11\/directors-and-officers-insurance.jpg\" alt=\"directors and officers insurance : \u00a9 Tatjana Krstic | Dreamstime.com\" width=\"300\" height=\"225\" \/>Usually, if they are employed by the company these are set out in a job description or terms of reference, although these may be missing if you are the sole director of your own company unless you have written them for yourself (and not many people in this position would even have thought about writing their own job description &#8211; after all, they do what ever needs doing, when ever it needs doing).<\/p>\n<p>Directors can be held responsible for a range of issues including:<\/p>\n<ul>\n<li>\n<div>health and safety<\/div>\n<\/li>\n<li>\n<div>data protection<\/div>\n<\/li>\n<li>\n<div>maintaining satisfactory accounts<\/div>\n<\/li>\n<li>\n<div>fraud<\/div>\n<\/li>\n<li>\n<div>negligence<\/div>\n<\/li>\n<\/ul>\n<p><!--more-->For example, did you know that directors of a limited liability company (and Ltd Company for example) can be held personally responsible for failures within that firm? \u00a0It is a common misconception that directors in a limited liability company are protected from individual actions.\u00a0 This is not the case, in fact, all directors and those acting as directors have unlimited personal liability in a wide range of circumstances under the Companies Act 2006.\u00a0This means that ultimately, your personal assets (including your home, savings and any other assets) could be at risk.<\/p>\n<p><a title=\"Directors and officers insurance (D&amp;O Insurance)\" href=\"http:\/\/www.bluefingroup.co.uk\/businessinsurance\/business-sectors\/directors-and-officers\/\" target=\"_blank\">Directors\u2019 and Officers\u2019 insurance<\/a> (D&amp;O) covers \u00a0the directors, officers and\u00a0senior employees \u00a0of a company\u00a0for the personal liability they may incur when allegations are made about their professional conduct.\u00a0If a director or officer is\u00a0found to have accidentally acted outside their terms of reference and this results in a claim, compensation and legal fees will be covered by the D&amp;O policy, however if the act was deliberate, then it may not be covered.<\/p>\n<p>D&amp;O insurance can provide cover for a range of issues, including: non-compliance with E.U. directives and regulations, the Data Protection Act, the Disability Discrimination Act, the Companies Act, the Corporate Manslaughter Act, \u00a0legislation on health and safety, racial, sexual and age discrimination, consumer protection, merger and acquisitions and much more.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes : <\/span><\/span>As \u00a0a small business director are you aware that directors and other officers of a small businesses have various duties, responsibilities and powers in connection with their position? Usually, if they are employed by the company these are set out in a job description or terms of reference, although these may be missing if you [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-536","post","type-post","status-publish","format-standard","hentry","category-business-advice"],"_links":{"self":[{"href":"https:\/\/www.forestsoftware.co.uk\/blog\/wp-json\/wp\/v2\/posts\/536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.forestsoftware.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.forestsoftware.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.forestsoftware.co.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.forestsoftware.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=536"}],"version-history":[{"count":0,"href":"https:\/\/www.forestsoftware.co.uk\/blog\/wp-json\/wp\/v2\/posts\/536\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.forestsoftware.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forestsoftware.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forestsoftware.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}