Directors Insurance
Directors carry personal risk. Compare directors insurance options and protect leadership with Hippo.
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Understanding Directors Insurance
What is Directors Insurance?
As a director or key decision-maker in your organisation, you're exposed to unique risks that can put your personal assets and the future of your business at risk. Directors Insurance, also known as Key Person Insurance, is designed to protect your company's most valuable assets - its people. Whether you're facing a lawsuit, regulatory investigation, or other business-critical risks, Directors Insurance can provide a vital safety net. Learn more about how this insurance can safeguard your business's MVPs and ensure its continued success.
Directors Insurance Explained
This type of business insurance offers financial compensation with immediate effect if an important senior employee is unable to work due to death, disability, illness or termination. It pays out a lump sum to the business in order to minimise the financial loss.
But What is Meant by Senior Employee or MVP?
Aka Key Person Insurance, it is generally purchased by a company that relies heavily on the contribution of certain key members of staff. Besides directors, it can also cover other important employees, such as an owner, founder, product developer, or any other person who plays an essential role in the maintenance of business cash flow.
Why and When Would a Business Need Directors Insurance?
Unfortunate events can happen suddenly, with little warning, and even with the best succession plans in place, there can be a period of intense disruption. Directors Insurance offers the peace of mind that the financial implications of such disruptions and other eventualities are covered.
If your business would suffer without the presence of one or a few key people, Directors Insurance is a vital part of your Business Insurance needs.
How Does it Work?
When key personnel are lost, a business that has had the foresight to purchase Directors Insurance will lodge a claim with its insurance company which, upon approval, will pay out a lump sum to the business.
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Protect Your Business’s MVPs
Key decision-makers
Protect your business if an owner, founder, director, product developer, or other key employee can no longer work.
Support during disruption
The payout can help minimise financial loss, cover disruption, and support the business while it responds to the unexpected.
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Protect Your Business’s MVPs with Directors Insurance
What is Directors Insurance?
Also known as Key Person Insurance, it provides a lump sum to the business if a vital employee dies, becomes disabled, or is terminated. This helps cover operational disruptions and financial losses.
Who is considered a key person?
It could be the business owner, founder, lead developer, or any team member whose absence would significantly disrupt operations and cash flow.
How is the payout used?
The payout can be used to hire and train a replacement, cover losses from production delays, pay severance, settle debts, or even shut the business down gracefully if needed.
How is the cost calculated?
It’s based on how much financial risk the business would face without the key person. Factors like revenue impact, debt levels, and replacement costs all influence the premium.
Is this the same as Directors & Officers Insurance?
No. Directors & Officers (D&O) insurance covers personal liability for legal claims against decisions made by directors. Key Person Insurance is designed to protect the business if the person is lost.
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