It sounds so obvious, yet too many put off purchasing this level of insurance cover believing ‘the company’ will take the rap and they will escape without any liability for mismanagement.
This insurance is designed to secure the protection of personal liability of directors from potential actions brought against them as a result of their conduct in day to day operations which could be disastrous.
The duties of a director have been established over the years in law, and regulation can be broken down covering: a) Duty of Care, b) Fiduciary and c) Statutory obligations.
Management actions from Health and Safety, Unfair Dismissal, Sexual Harassment, to mergers or acquisitions, misrepresentation of company activities, conflicts of interest all come under the directors remit.
As if that wasn’t a big enough headache, it needs to be appreciated there is a far greater awareness on the part of third parties (Employees, Shareholders, Clients) to the duties and responsibilities of a director than ever before; and lawyers are now more than prepared to act on behalf of plaintiffs on a no win no fee basis.
Many will still feel it won’t happen to them, so why pay for it?
A fair point, but the economic environment has changed dramatically from how it was, and the logic of not having this cover, we suspect, now needs serious rethinking.
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