A professional service firm must take into account a lot of people’s agendas when it comes to managing their business, and it’s up to the directors and officers of the firms to make sure everyone’s as content as possible. From the shareholders to the employees to the customers, everyone involved has different expectations and priorities that need to be managed. It’s why Directors and Officers Insurance can be so valuable when it comes to protecting the many decisions that need to be made on a daily basis. If you’re an officer or director, see why D & O insurance is such an integral part of safeguarding yourself from financial devastation.
Versatile and Effective
Directors and Officers Insurance isn’t just meant for public companies. Private companies are every bit as accountable for workers’ compensation, fair hiring practices, and corporate policies as their public counterparts. Any type of breach or perceived violation can land a professional in hot water. They’ll need to not only work on managing their own reputation, but also the reputation of the entire company.
The Power to Fight
Everyone is subject to making mistakes, which is just one of the reasons why insurance was invented. But directors and officers may be unfairly targeted by certain parties even when they haven’t done anything wrong. D & O insurance gives directors and officers in a firm the chance to handle the costs of a lawsuit so that they continue to remain a trustworthy company. Having to pull funds from other areas of the company to settle claims isn’t going to be a good long-term plan for the company if you want to survive.
A Light in the Dark
Having the right insurance policy gives you someone to call when things are at their worst. If your responsibilities seem to be increasing on a daily basis, it’s usually only a matter of time before something important falls through the cracks. While there can be adjustments made in terms of delegation and responsibilities, sometimes it’s just not possible for directors and officers to have the support they need to do their jobs. A policy that can account for anything from handling finances to employee relationships gives company leaders a bit of breathing room. Ideally, it should help them concentrate on what’s within their control.
Part of being a decision-maker in a company is taking on a certain degree of liability — it just comes with the territory. But directors and officers insurance can make it easier to get the work done without being in constant fear of how one mistake could tear down everything you’ve built. Call Tabak Insurance Agency today to find out more!