We can provide quotations and bespoke covers for other financial lines products which include:
Management Liability and
Directors’ & Officers’ Liability
Cyber Insurance
Protect Your Business with Directors & Officers (D&O) Insurance: Comprehensive Coverage by JMM
In today’s increasingly complex legal environment, businesses face significant risks that can arise from decisions made by their leadership. Directors and Officers (D&O) Insurance policies offer vital liability coverage for key decision-makers within a company, safeguarding them from claims that may result from actions and decisions taken during the course of their duties. This type of insurance is essential for protecting the personal assets of company managers and executives from costly lawsuits.
Why Choose Directors & Officers (D&O) Insurance?
- Safeguard Your Leadership: D&O insurance provides crucial protection for directors, officers, and employees against claims brought by shareholders, employees, or third parties for alleged wrongdoing. This includes coverage for legal defense costs, damages, settlements, and awards.
- Mitigate Rising Legal Costs: As lawsuits become more frequent and expensive, having robust D&O coverage in place is necessary to shield your business and its leadership from the financial burden of legal battles. Without proper coverage, businesses risk losing top executives who drive the company forward due to the potential risks involved.
- Protect Personal Assets: If a company’s board members, officers, or employees face claims and the business cannot indemnify them, D&O insurance will step in to cover their personal financial liability, preventing any damage to their personal assets.
Coverage for the Company Itself: In addition to protecting individuals, a D&O policy also offers some coverage for the company itself in case it is sued, helping to shield the organization from the financial consequences of various claims.
How JMM Can Help
At JMM, we understand that every business faces unique risks, and that’s why we take a pragmatic approach to your Directors & Officers Insurance needs. We’re here to ensure your business is adequately covered and your leadership is protected. Our expert team will help you navigate the complex world of D&O insurance, tailoring a policy that suits your company’s specific requirements.
Extensions to Your D&O Coverage
In addition to standard D&O insurance, JMM can also provide extensions to your coverage that are particularly beneficial for companies looking to go public or listed on stock exchanges. This includes:
- Public Offering Security Insurance (POSI): For companies considering an initial public offering (IPO), POSI protects against misrepresentation claims related to the prospectus and admission document. If shareholders believe that any information presented during the IPO was misleading, POSI insurance will cover the costs of any claims.
- Public Securities Extension: While some standard D&O policies only offer basic public securities extension cover, JMM provides a more comprehensive approach. Our POSI covers the initial IPO process itself, whereas the public securities extension covers ongoing risks associated with being a listed company, such as breaches of regulations, shareholder disputes, and investigations. This distinction ensures that your company is fully protected both during the IPO process and afterward.
Why Trust JMM for Your D&O Insurance?
- Tailored Solutions: Every business has unique risks, which is why we offer customized D&O insurance solutions that align with the specific needs and challenges of your company. Our team works closely with you to understand your risks and create a policy that addresses them.
- Comprehensive Coverage: With JMM, you’re not just getting basic D&O coverage; we provide extensive protection options, including extensions like POSI and public securities cover, ensuring your leadership is protected from a wide range of risks.
- Pragmatic Approach: Our team’s expertise and understanding of the D&O landscape allow us to offer practical, well-informed advice and policy options. We help you navigate risks, manage exposures, and ensure your leadership is secure in today’s complex business environment.
- Risk Management Expertise: With JMM, you gain not just an insurance policy, but a partner who is focused on your long-term risk management. We help you anticipate potential threats and adjust your coverage as your business evolves.
Cyber Insurance
Cyber insurance covers losses arising from damage to or loss of information from Information Technology (IT) systems and networks.
These threats are very real in today’s interconnected world. A UK survey estimated that between 2022 and 2023 32% of UK businesses reported suffering an attack or breach and the figures rose to 59% for medium sized companies and 69% for large organisations.
The average cost of a cyber-security breach in this period was £4,960.
As a business of any size, it is likely you will rely on IT infrastructure to some degree. If so, you will be exposed to the risks of business interruption, income loss, damage management and repair, and possibly reputational damage if IT equipment or systems fail or are interrupted or hacked. 83% of identified attacks related to Phishing.
In 2022 only 6% of UK businesses had Cyber Essentials certification.
While existing insurance policies such as commercial property, business interruption or professional indemnity insurance may provide some elements of cover against cyber risks, businesses are increasingly buying specialised cyber insurance policies to supplement their existing insurance arrangements, particularly if they:
- Hold sensitive customer details such as names and addresses or banking information
- Rely heavily on IT systems and websites to conduct their business
- Process payment card information as a matter of course.
Our Cyber insurance products underwritten at Lloyd’s covers the losses from damage to or loss of information from, IT systems and networks. Our Policies generally include significant assistance with managing the incident itself, which can be essential when faced with reputational damage or regulatory enforcement.
Generally, cyber risks fall into first-party and third-party risks. Insurance products exist to cover either or both of these types of risk.