Entrepreneurs Need to Take Care of their Top Executives. Here’s Why
Being an entrepreneur requires grit, determination, insight, perseverance and many other such qualities that can take your business to new heights. However, no matter how good you are, you will always need a sincere and well-performing team to help you translate your goals into reality. Everyone from the lowest level to the top-notch executives contributes to the performance of your company in some way. While as a considerate leader, you should acknowledge the efforts of one and all, but there are some employees towards whom you also have an exclusive responsibility.
By this, we are referring to the directors and officers of your company. These top-level executives are the key decision-makers in your company, who steer it in different directions. In doing so, they also assume the significant risk of getting involved in a legal row. It is because their decisions and actions may often be deemed as illegal or questionable.
That is why, it is imperative, that as the owner and leader of the organisation, you fulfil the responsibility to make these top-level executives feel secure against the risk they face, in the capacity of their roles. For this purpose, insurers offer Directors and Officer’s Corporate Insurance to employers, so that you can buy this for your executives to rid them of any apprehensions in taking bold decisions for the growth of the company.
Some other reasons why you should consider buying the D&O insurance for your top-level executives are as follows:
- Providing Security Against Personal Liabilities
The Companies Act 2013 declares that if an officer or director is held personally liable for any act of breach of authority, then assets of such individuals can get confiscated or they may face arrest charges. However, in taking crucial decisions, such executives may at times unknowingly get involved in such issues.
In such a case, if these executives are not secured with a D&O insurance cover, they will face serious consequences which may ruin their years of hard work and finances. But even otherwise, this kind of a case may make directors and officers hesitant in taking important decisions, for the sake of the company, fearing their security. However, if as an employer, you offer them a D&O cover, then during troubled times, the insurer will provide them with financial support.
This policy will support them in defending themselves against these kind types of claims as the insurer will pay for costs required to be incurred for freeing up assets and meeting with bail expenses. Such a policy cover also provides for penalties and civil fines.
At SecureNow, you can compare and explore the available D&O plans from leading insurers and select the most suitable plan for your needs. You can generate quotes for D&O Policies online while comparing. Some of the basic features of D&O insurance plans include cover for lawyer’s cost, PR consultation fees, expenses incurred to respond to a regulatory authority.
- Boosting Morale and Loyalty
Only when the top-level officers and directors feel secure in their roles, that they will work and act, according to their true capabilities. The D&O policy will reassure them that in case of occurrence of any such challenge, the plan will have their back. In such a case, executives are likely to have fewer apprehensions regarding the consequence of all their decisions and actions. This will reflect in their performance, as it will give them more confidence to make tough calls with regards to the business.
Moreover, the fact that the head of the company cares about their security will help increase their loyalty to the company, along with boosting their morale.
- Achieving Challenging Goals
Since the top executives of the company are the ones who formulate strategies and plans, they play a crucial role in helping the company achieve the set targets and deadlines. They also contribute significantly to fighting with the competition by improving one’s performance as well as beating the competitors.
All these things together help the company in achieving important goals for further success. So, when the executive members feel secure, and as a result have higher loyalty and morale, they are likely to help the company perform better, and thereby help achieve the goals, vision and mission better.
Secure Your Decision Makers
Keeping in mind the all-important role played by directors and officers in the growth of your company, you should consider buying a Directors and Officer’s Corporate Insurance for their sake as well as that of your company. So, get the best deal for your executives by checking out various plans and then buying the most appropriate one.
SecureNow can help you design a comprehensive policy for your company so that you can get the best cover rates from the insurer, in a hassle-free manner. With public and private players both in the network, we have a wide variety of plans that you can choose from.
So, buy the right plan at the earliest and secure your decision-makers. With this, you will also ensure your company’s continued success.