Business Essentials: Directors Liability
The life of a business owner is not always an easy one. Despite recent promises by the Government to cut bureaucracy, recent years has seen increased legislation such as the Companies Act 2006 to go along with existing Health & Safety and other regulators requirements. It's easy for a busy business owner to make a mistake and the next thing they know they are faced with an allegation from customer, supplier, employee, regulator or Government body that they have acted improperly. This may be the first moment they realise that this allegation is against them personally and their liability, in this instance, can be unlimited, meaning that their own personal assets, home etc are on the line. Indeed, they may be completely innocent, but still have to pay the bills of expensive lawyers to defend their case.
This is why Directors & Officers liability insurance is one of my Business Essentials. It provides legal assistance to defend these allegations and provide a fund to protect your hard earned personal assets. It can also be arranged with cover for the company itself (frequently these claims are made against the company and the individual at the same time) and for claims made for employment law breaches.
Don't leave yourself exposed, contact me today if you have a limited company or LLP and don't currently benefit from Directors and Officers Liability insurance.