All this month we're talking about Risk Management for your business. Business owners pour their heart and soul into ensuring their business prospers. Yet often times owners are so busy, they're not thinking about the hidden risks they might be taking every day in their business. Those hidden risks ARE OUR business.
When you hear the term "Risk Management" what do you think of? A lot of times when we talk with business owners, they're not really sure what Risk Management even means. Sure, they get that it means managing risks in their business. But beyond that, what does it look like? What are the implications? What does SMART RISK MANAGEMENT mean for my business in the long run? That's what we're here to answer. So let's begin with an industry term "D&O" and walk you down an insightful and important path to managing your business smarter.
What does "D&O" mean?
Directors and officers (D&O) liability insurance protects the personal assets of corporate directors and officers, and their spouses, in the event they are personally sued by employees, vendors, competitors, investors, customers, or other parties, for actual or alleged wrongful acts in managing a company.
Far too often there's a story in the news about someone suing someone else. Often times there are legitimate reasons for it. Sometimes, not. Regardless, you and all who are important to you, should be protected personally should someone decide to sue your business for any reason. D&O places a virtual 'shield' between you and your family, and your business from a liability standpoint. It does the same for all the directors and officers of your company, and their spouses. "D&O is an important piece of the Risk Management puzzle," says CH President Joe Convertino, Jr. "When it comes to protecting your business, we're in your corner," says Convertino.
CH Insurance is an independent insurance agency based in Syracuse, NY. Their focus is on commercial (business) insurance, personal insurance, group benefits, risk management, and workers' compensation. Follow our true stories on social media. For further information you can phone us at 315-234-7500.