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Directors & Officers Insurance (Management Liability) - Essential cover to protect your business.
"Committing a wrongful act can cost you and your business considerable financial hardship”.
Private companies, their directors and staff are increasingly exposed to greater corporate governance and regulatory scrutiny in the day to day running of their businesses.
Directors are now perceived as professional managers and as such are accountable for their actions. The increase in litigation against directors reflects a change in the attitude of the general public towards greater management accountability and hence the position of a director and responsible officer is becoming far more onerous. A Director is therefore exposed to the extent of their personal fortune.
Surprisingly, very few businesses have the protection in place, therefore exposing the business and the people within it to the risk of litigation from a variety of different sources.
Who might bring an action and for what reasons?
- Employees - alleging unfair dismissal, discrimination, sexual harassment or mismanagement of super funds
- Customers - alleging they have suffered financial loss following wrongful advice re the suitability of products
- Competitors - alleging their business has been adversely affected by a restrictive trade-practice (eg price fixing)
- Regulators - for breaches in company legislation
- Members of the Public - failure to effect and maintain adequate control or services
Consequences
May lead to either civil or criminal action being brought against Directors/Officers for:
- Civil Action
- Damages
- Claimants costs
- Cost of personal legal representation
- Criminal Action (Fines and Penalties)
- Prosecution under various Laws and Legislations
Introducing effective protection for your business
To help protect you and your business, we can arrange an ‘all-in-one’ tool-set which provides comprehensive ‘directors and officers’ liability, employment practices liability and fidelity insurance all at a very affordable price.
The facts are that without an adequate D&O insurance, you place yourself and your business at risk to a whole host of corporate and personal damages as a result of your actions as a director or employee.
No obligation quotation
Simply provide us with information on the link below
and we will provide you with a no obligation indication of the premium cost.