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Directors and officers' wealth, at risk


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Publicado el Lun, 24/08/2015 - 13:58

Recent headlines show that company managers and directors are increasingly subject to greater regulation and pressures: "Claims against administrators keep growing"; "N. sentenced to two years in prison for a crime of fraud"; "Ex partners of N. accuse him of not paying 43 million VAT", "Board of the cooperative denounced  for fraud and misappropriation" ... Managers and directors are considered legally responsible both for the mistakes and omissions in the management of their company. These risks are assumed in a "personal, joint and unlimited" way, according to the law (*). Therefore, a manager and his/her family could see his/her assets at risk, in addition to suffering other economic or reputational damage that will require expert advice. To avoid these risks the best solution is a professional indemnity insurance policy designed specifically for directors and officers. It provides coverage for:

  • legal expenses,
  • crisis management costs,
  • coverage for employment claims,
  • claims for pollution,
  • subsidiary tax liability,
  • fines and administrative penalties,
  • compensation and financial damage to third parties,
  • cost of restoring image,
  • coverage for the family,
  • coverage as a representative in subsidiaries and affiliates,
  • and other guarantees...

In addition, the policy protects the Company from claims in employment, infidelity of employees, responsibility for data protection, claims for pollution ... Who could sue a director or officer? The company, shareholders, creditors, liquidators, competitors, government agencies, or the employees themselves. For example, a company may sue its directors for failing to conduct a market research prior to opening a new market and therefore having caused important losses. Or the company may be sued by regulator entities as a result of administrative violations, for mobbing or harassment to an employee ... The Company is the policy holder of this type of insurance, and it ensures any administrator, officer, employee, founder ... From € 400 per year it is possible to run a company with peace of mind. More information here. (*) Ley de Sociedades Anónimas de 1989, Art. 133-135 y 262; Ley Concursal, Art. 48.3 y 172.3; Código Civil, Art. 1902; Código Penal, Art. 31.

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