Protecting yourself as a Director or Officer in 2023 and beyond

August 23rd, 2023 Posted by Uncategorised

In their positions, Directors and Officers have specific duties, responsibilities, and powers. One incorrect move or decision means they can be personally scrutinised by employers, shareholders, and regulators and therefore board engagement with Directors and Officers (D&O) also known as Management Liability insurance, is vital.

We previously held a webinar with expert panellists Gary Gallen, Founder and CEO of specialist law firm rradar, and Nick McGarey, Underwriter at Beazley, who mentioned that in both the legal and insurance sectors, they are seeing an increase in litigation and claims against businesses and senior management teams.

Our panellists provided the following top tips to protect yourself as a Director/Officer:

  • Ensure regular check-ins with your remote employees as isolation and exclusion can trigger claims against you and/or your business
  • Regularly review internal and external data protection policies and procedures
  • Provide data protection and cyber training to employees as 90% of all data breaches occur because of human error
  • Embrace and innovate the new way of working and offer flexibility for existing and prospective employees to avoid unfair treatment claims
  • Set out health and safety measures and ensure processes are followed and clearly documented to avoid investigation by the HSE
  • Have a robust business continuity plan in place
  • Remember that smaller businesses are just as likely to be targeted as larger businesses
  • Speak to your insurance broker about how you can mitigate these risks through careful risk management and Management Liability insurance

It is important to remember that Executive Directors, Non-Executive Directors, Shadow Directors, and Officers, including those who have retired, can be held culpable for Directors and Officers claims so now is the time to consider your personal protection.

We are here to help

If you would like to discuss your personal exposures further, or for more information about Management Liability insurance and what it covers, get in touch with Jason Cohen:

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