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29 Dec Board Members & Directors Liability Insurance
With the US economy in the middle of the worst financial crisis since the Great Depression, company leaders are being looked at to not only help the company stay afloat, but also as to whether or not they’re doing the right thing legally. As more and more board members and directors of companies are exposed for fraudulent activities such as wrongful acts or errors and omissions, now is the time to make sure you are not only doing what’s best for your company, but also that you stay protected in the event that you are wrongfully accused of such acts.
This is why board member and director liability insurance plans are so crucial to have because as legal costs of defending yourself balloon, you will have the coverage to back you up. No matter how great you might think your company is doing, you should always be cautious of your sector being the next one hit by the recession and other board members potentially producing fraudulent data to alleviate company tension. Traditional insurance plans only cover you while acting in the capacity of director or officer, that is if you are involved in other activities and using your influence or expertise. As a board member or director, you probably do not have liability coverage in place if a claim or incident occurs. Even if you are honest with all your work, you can’t always be sure what other board members or directors are doing, so be sure to protect yourself with board member and director liability insurance.