The latest research from insurance experts found that there has been a steady growth in the number of directors and officers (D&O) claims over the past few years. Indeed, senior leaders are being held increasingly liable for organisational disasters such as cyber-attacks, safety breaches and financial fallout. That being said, it’s crucial now more than ever for your business to have adequate D&O insurance.
Review these D&O policy renewal tips to ensure you are fully covered:
- Understand your risks — It’s important that you identify your organisation’s potential D&O exposures by assessing industry specific risks, cyber-security measures, workplace health and safety procedures, and cash-flow practices.
- Utilise proper documentation — In addition to identifying your D&O risks, keeping detailed documentation of your organisation’s risk management measures, financial history and past claims made can help insurers provide you with a more tailored policy.
- Consult your broker — Above all, be sure to review your D&O policy with your broker to ensure bespoke cover for your unique needs.
The content of this Profile is of general interest and is not intended to apply to specific circumstances. It does not purport to be a comprehensive analysis of all matters relevant to its subject matter. The content should not, therefore, be regarded as constituting legal advice and not be relied upon as such. In relation to any particular problem which they may have, readers are advised to seek specific advice. Further, the law may have changed since first publication and the reader is cautioned accordingly. © 2020 Zywave, Inc. All rights reserved.