As a company director, the director is exposed to a number of statutory, regulatory and legal risks which may lead to personal liability for the director.
One way to minimise this risk is to take out:
- directors and officers liability insurance; and
- management liability insurance.
Depending on the type of industry in which the company operates, other forms of insurance maybe applicable, for example, professional indemnity insurance.
There are a number of insurers who provide these types of cover. The cover might be incorporated in one or more insurance policies.
To minimise risk, directors should consider making enquiries with a reputable insurer as to the process, costs and the cover available.
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The material provided in this document is for general information only and is not to be relied upon as advice. No responsibility is accepted for any loss, damage or injury, financial or otherwise, suffered by any person or organisation acting or relying on this information or anything omitted from it.
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