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Directors & Officers Liability Insurance covers risk exposure for company and board directors for breaches or situations that can result in personal liability and expense.
Directors & Officers Liability Insurance (D&O) is one of the least understood types of insurance, yet one of the most important. Australia is home to some of the world's largest Directors & Officers Liability Insurance claims, and the breadth of risk exposure for company directors and officers is becoming more complex and there is closer scrutiny from both internal and external stakeholders on general conduct.
Most recently, cyber attacks have become the nemesis of many Directors, with responsibility shifting between being an 'IT issue' to being regarded as a critical aspect of corporate governance. Mandatory breach reporting further emphasises cyber's position at the top of most board room agendas, with maximum fines for companies set at $1.85m and $360,000 for individuals.
Our insurance brokers' approach to risk management helps you to achieve the right level of Directors & Officers liability insurance cover. We take the time to gain a deep understanding of your business and industry, and work in partnership with your team to implement a robust risk management program that protects you now and into the future.
The issue of local paper in overseas countries is an important insurance consideration. When an Australian-based multinational has overseas subsidiaries, and directors and officers rely solely on the Australian D&O insurance policy for worldwide protection, they may be vulnerable for several reasons:
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We offer resources to help with cyber defence strategy, as well as cover for costs if a data breach occurs.
Professional Risk insurance can take on many forms depending on your business and its size. We will make sure you are covered and supported.