Hiscox offer for IoD members: Directors’ and Officers’ Insurance
If you lead a business and you’re a member of the UK’s Institute of Directors (external link), you can take advantage of discounts on specialist insurance products from Hiscox.
Now, great offers are available on company directors’ and officers’ insurance – a cover designed to offset the personal risks that can come with holding authority in a firm.
Frequently asked questions
When you’re in charge of a business or organisation, risks can come with your responsibilities – directors’ and officers’ insurance can mitigate threats to your personal finances. We’ve partnered with the IoD, the century-old corporate governance body that operates under a royal charter, to provide professional insurance benefits for small business leaders just like you. Call Hiscox to discover more about our insurance product and how the discount works or get a quote.
Do I need directors’ and officers’ insurance?
You might need directors’ and officers’ insurance if you lead a business or organisation and hold a high level of responsibility for its direction and activities. This is because company directors can be disqualified, face legal proceedings and even find their personal assets at risk if they’re accused of mismanagement. This can apply whether you’re an experienced chartered director (external link) or the managing director of a small start-up.
What information do I need to undertake a policy?
To benefit from this discount, you’ll need an active IoD membership – this may be full or associate, or you might be a fellow or chartered director. Have your membership details to hand when you come to apply for directors’ and officers’ insurance.
You’ll need certain other information to purchase a policy with Hiscox, including:
- The amount of cover that best suits your risk profile. We can cover company directors from £100,000 to £10 million.
- Basic information about your business, including the sector you work in and the name of the business you direct.
- Details of any insurance claims you have made in the last five years.
What does Hiscox directors’ and officers’ insurance cover?
Your membership with the IoD comes with a range of perks designed to equip you with the knowledge to be a great company director. Hiscox directors’ and officers’ insurance can back you up in case there’s a slip-up on your watch. It can help pay for legal defence costs and meet compensation demands.
Hiscox D&O insurance covers:
- Claims for negligence brought against you by investors or shareholders
- Compensation and legal costs to provide support if it is alleged you failed to comply with regulations or laws (such as the Health & Safety at Work etc. Act 1974)
- Investigations into your management of non-defined company pensions
To get your business insurance quote, you can call our UK-based insurance experts
Call 0800 280 035412.5% discount on directors’ and officers’ insurance
- Support with the cost of legal representation
- Company reimbursement inclusions, in case you’re ordered to pay for your mistake
- Cover for investigations under health and safety legislation
Why choose Hiscox?
1
An award-winning insurer
We proudly hold the Feefo Platinum Service award in 2024 and have done for three years running. Plus, we're rated 4.8/5 by real customers on Feefo over the past year, with 3491 total reviews.
2
D&O cover in minutes
Limited time? Directors and officers can generate a quote in as little as five minutes
3
A small business specialism
A focus on small businesses primes us to react to the types of problems the director of an SME or start-up might face
12.5% discount on business insurance
As a director or officer, you don’t only face personal risks. The company you run will encounter everyday hazards of its own, which is where business insurance comes in. This type of policy can take several forms – and with Hiscox, you can tailor cover according to the needs of your business. Whether you require employers’ liability or property insurance, it’s possible to benefit from a 12.5% discount with your IoD membership.
12.5% discount on home and contents insurance
Your work empire isn’t the only thing that could be worth protecting. Members of the IoD can also benefit from discounts on Hiscox home insurance. If your home is worth more than £200,000, you could be eligible – and there’s no need to list items individually if they’re worth less than £15,000.
12.5% discount on renovation and extension insurance
Planning to expand your home? You could also benefit from savings on renovation and extension insurance as an IoD member. This helps to protect your finances against problems that can arise when construction or renovation work takes place, such as burst pipes or damage to interiors because of an open roof.
Open: Mon - Fri, 9am to 5pm (closed Saturdays, Sundays and Bank Holidays)
Call us on 0800 280 0354Contact us
Interested in finding out more about the ways your IoD membership can open the door to great insurance savings? Contact us by phone on 0800 280 0354.
Once your cover is active, visit our claims portal if you need to make a claim. Claims lines are open 24 hours a day, while our standard contact centre lines are open from 9am until 5pm Monday to Friday (closed Saturdays, Sundays and Bank Holidays).
Make a claim
Let us know as soon as possible if you think there’s a problem which may lead to a claim against you as the director, officer or leader of a business. The earlier you notify us and the more detail we have about the situation, the more we might be able to do to protect your position and interests.
It might be that there’s a workplace accident you think your policies and protocols could be implicated in, or perhaps you notice an inconsistency in pension records that warrant investigation. When you let our teams know, we may be able to take action – sometimes to protect your reputation as well as your pockets.
To notify us about a claim made against you, we’ll need a few details, including:
- Your full name
- Your company’s name
- Contact details, including an email address and a phone number
- Your policy number
- Details about the person or organisation making a claim against you
- Information about their solicitor
- A description of the incident, along with any supporting documentation
- Whether you are insured through Hiscox directly or through a broker
If you purchased a policy through a broker, contact them directly.
What else can you do?
If you receive a formal letter from a solicitor, keep this and pass the details to us. Avoid admitting liability, even if you think the issue may have been your fault, because this could be used against you in court.
Speak to Hiscox to get our written approval prior to accepting any negotiations or settlement offers.
What to expect when you claim
You’ll be allocated a dedicated claims handler to manage your case. They’ll be in touch within 48 hours to provide an update and ask for any further information they might need.
External experts might also be brought in to help drive your case towards a positive conclusion. A solicitor may handle the legal case, while loss adjusters work to collate CCTV evidence and technical experts assess machinery, for instance.
Terms and conditions
Terms and conditions apply, for full terms see below. The Institute of Directors is an Introducer Appointed Representative of Hiscox Underwriting Ltd who is authorised and regulated by the Financial Conduct Authority. For UK residents only.
Any discount is only applicable to policies introduced via the partner, whether existing or new, but could not be applied to policies that are being managed by an alternative third party such as an insurance broker.