Zurich has launched a product for small to medium sized businesses that protects company directors and the business itself from liability claims.
Designed around directors' and officers' cover, the "Executive Assurance" cover has four options.
Policyholders can choose between corporate liability, pension trustee liability, fidelity or legal expenses cover.
Head of business operations for Zurich's Commercial Business, David Smith said: "Executive Assurance is the product the market has been crying out for. In the past it was thought that directors were immune to the threat of legal action brought against them personally, however the Companies Act (1989) makes it very clear that directors and other individuals can be held responsible for their actions whilst running a business.
"As the trend in liability claims continues to grow, we thought it important to offer a product that caters for a variety of financial risks, and yet is flexible and accessible - brokers can go on-line to get quotes or arrange cover - and can be tailored for individual requirements.
"We've cut out the jargon to provide a policy that's written in plain English, and we've designed it so that cover can be placed for any period of time between six to 18 months instead of the usual 12 months."
