D&O policies provide liability cover for company managers of all levels, which protects them from claims, reputational damage and legal costs following decisions and actions taken within the scope of their duties. However, not having adequate insurance cover has proven to be a very expensive oversight for some. As of December 2020, over £100 million in fines has been handed out to UK SME’s in the last four years.*
In a bid to shine a spotlight on the growing need for adequate cover, BLM has developed a new tracker that follows fines against directors and officers for businesses of all sizes.
You can download the D&O Tracker app by searching 'BLM tracker' in the Apple or Google Play store.
The D&O Tracker contains fines and penalties with data broken down by company turnover, sector, breach, regulator and jurisdiction in a simple-to-use app.
It is free for insurers, brokers and corporates to access and captures fines from four major UK regulators, including the Serious Fraud Office, Financial Conduct Authority and the Information Commissioner’s Office.
It also records compensation and legal costs orders, as well as the term of any custodial sentences against directors.
A D&O policy provides liability cover for company managers of all levels, which protects them from claims following decisions and actions taken within the scope of their duties. The D&O Tracker data reveals the sheer scale of fines being handed down for a large range of offences, many of which may never be covered by what may be seen as an adequate D&O policy.
Either those directors and officers are genuinely unaware of the need for cover or they think they’ll never need it.
BLM has a dedicated D&O team that can assist you with advice on preventative measures or supporting you through an investigation.
To find out more and how we can help, contact the team below.
Read more about our Professional Indemnity expertise here.