For those acting as directors or officers for an organization, there is a high level of responsibility exercised in the process of carrying out job duties. Because of their position, officers and directors are required to act in the best interests of their organization, and also take on certain liabilities in connection with that responsibility. From a legal perspective, these individuals can be held personally liable for failure to fulfill their legal obligations, whether acting as an individual or as the organization. Carrying an adequate Directors’ and Officers’ liability policy can provide piece of mind for those in these positions of authority.
Directors & Officers Can Be Held Liable
Being the director or officer of a company is an important position, and great responsibility can fall on their shoulders. Directors themselves can be found personally liable for mistakes and ignorance does not remove liability. Learning the extent of your legal liability is an important first step when considering an insurance policy of this nature.
Consult With OTC Insurance To Learn More
A Directors and Officers liability insurance policy is a complex insurance product, and requires a knowledgeable and experienced agent to ensure all the bases are covered when it comes to writing the policy. Being in a position of such responsibility is stressful enough. By protecting yourself with a Directors and Officers liability insurance policy, you can carry out your duties without worrying about leaving yourself exposed.