The rewards of being in a position of authority also come with risks. When you’re responsible for the financial well being and best practices of a company, you are vulnerable to damages resulting from claims of wrongdoing. Even if the claims turn out to be spurious, you’ll still be charged for legal fees, and if you’re not indemnified, that money could be coming out of your own pocket. Directors and officers insurance in Babylon will help protect you and your business, as well as your personal finances.
What Sorts of Claims May Be Made Against Your Directors?
Given the responsibility of directors to the company’s shareholders, allegations of wrongdoing related to finance are common. These may include dereliction of fiduciary duty, mismanagement, or stock performance. Other claims of wrongdoing may include cyber liability, issues relating to employment and human resources, and failure to comply with regulations as it relates to matters such as pollution.
Who Can Bring a Complaint?
There’s a wide cross-section of individuals and organizations that may bring a complaint against your company. A private or government regulatory group may allege a failure to comply with laws or regulations. Your business partners, i.e., those you buy goods from or sell goods two, may bring complaints, as may your competitors.
No one can predict when a complaint may be filed against you; there are just too many variables to consider. Your best option is to consult an expert about officers insurance in Babylon.