Many BIFA members are very careful to ensure they arrange cover against their liability for loss or damage to customers goods. However , in our experience, few of them assess and protect against the potential liabilities that could arise out of their day to day operations.
Directors and officers (D&O) have always carried a personal exposure when running their business, and cover has been available to insure against this exposure. Despite this exposure, private companies have always been thought of as relatively low risk for d&o claims compared with quoted companies and the likelihood is that claims would first be brought against the business itself. But if you have a major stake in your business, a claim against it can be as ruinous as a claim against you personally.
To remove risk to you and your company a new management liability product has been offered. This product provides comprehensive cover as standard, protecting both the company/organisation and your personal assets.
To look into this further, contact us at Miles Vartan Consultancy.