CBD Insurance Services specialises in Director’s Liability Insurance and is a professional and trusted insurance provider.
We have been working with SME’s and professionals since 1983 and are able to provide the necessary protection against any business risks that may come your way.
We are Australia’s number one choice when it comes to providing all forms of business insurance.
Director’s Liability Insurance
If you are on the Board of Directors for a business, it is imperative that you have Director’s Liability Insurance.
Director’s Liability Insurance is designed to pay money, in the form of a reimbursement, for legal action against directors and officers of a company.
This insurance is designed to provide coverage for officers and directors that are sued when people file legal claims against them.
CBD Insurance Services is able to provide this type of insurance policy which is essential for those that are in these high positions with a lot of responsibility.
Why Choose Us?
- Our Director’s Liability Insurance is designed to protect individuals and businesses from detrimental lawsuits.
- We provide the best solutions for you by analysing your risks, measuring the likelihood of them occurring, and then determining the consequences should these risks come to fruition.
- Our mission is to create a SYSTEM for you, which is an acronym for Save Yourself Stress, Time, Energy and Money
- We have over 35 years experience have worked alongside some big names such as Garry Harvey, Amanda Keller and International Filmmakers Scott and Kerry Hicks
- Our expert team pride themselves in taking time to build relationships with each client, and ensure that everyone is treated individually as a person, not just a number
- We are professional and trusted consultants specialising in a broad range of insurance solutions.
- We are aligned with some of Australias highest regarded experts in their field, we work with these experts every day
- Our agents take the time to explain what options are available to you to make sure you select the insurance product best suited to your circumstances
- We believe in transparency and you will know upfront what you will be paying as insurance premiums.
- We insure people, not just business risks and will make sure that you don’t lose the benefits of all your hard work because of a single mistake, accident or illness.
Investing in the Right Business Insurance
Is your business important to you? We would hope that the answer to that is, “Yes”. If something is important to you, then you naturally want to protect it.
We try to protect our homes, our cars, and our families in every way possible.
However, how do you protect your business? What risks does your business face? That’s where we come into play.
At CBD Insurance Services, we provide a number of different insurance services for companies right across Australia.
From this, we have two tasks that we consider the most important.
The first is helping business owners understand what risks they actually face during the normal operation of their business.
The second is helping those business owners protect themselves against those risks.
We accomplish the second task by connecting those business owners with very specific business insurance policies.
You Need Business Insurance When You’re Liable
Business insurance is meant to protect companies. We often think of this as primarily financial protection for things that we own.
For example, if a company vehicle is damaged then commercial motor vehicle insurance is a type of business insurance that would cover the financial losses associated with the damage.
This type of business insurance is undoubtedly important, but that it is only one side of the coin.
The other side of the coin is the one that is most often overlooked and that is liability protection.
These types of plans protect against financial losses experienced when we are liable for something.
Some of the most common claims that are made include a breach of legal duty, and also the misuse of business assets.
They may also claim that there was a conflict of interest involved with decisions that were carried out by the officers and directors that are in control of the business.
Shareholder derivative actions and lawsuits from competitors are quite common for both profit and nonprofit organisations.
Anyone that is in the position of being on the Board of Directors must find an insurance provider that offers these policies for protection.
That is where CBD Insurance Services come into the picture.
We are fully aware of the liability risks you face and we can then pair you with insurance policies that will protect against those risks.
Director’s Liability Insurance
If you are a director who sits on your company’s board, then you have several different responsibilities.
In the business world, a responsibility almost always means that some risks are involved. You can think of risk and responsibility as being closely related.
You are at risk of failing your responsibility and if you do so, then there can be various fees and potential legal consequences.
People may accuse a director of a breach of fiduciary duty for example.
If a director’s decision led to the bankruptcy of a company or a substantial financial loss, these policies will serve to pay off those losses.
People on the Board of Directors may also be accused of misusing company funds or maybe outright accused of fraud.
There might be workplace laws that they have failed to comply with, or they may be accused of implementing a lack of corporate governance.
It is very common today for these individuals to be accused of stealing intellectual property, or they may be accused of poaching competitors customers.
For all of these reasons, it is important to have Director’s Liability Insurance so you can preserve the financial viability of the business.
What Sort of Responsibilities Does a Director Have?
They are obligated to exercise their powers in good faith and within the corporation’s best interests.
They have an obligation to prevent insolvent trading. They also have certain obligations of disclosure depending on the specifics on the corporation.
If you are a director or officer on multiple boards, then these risks are greater and more complex.
If you are on the Board of Directors for a major corporation, simple decisions that you make can sometimes lead to substantial losses for your company.
Additionally, the way that you state certain words can be represented as false statements or accusations.
If people take you to court, you will need to have a policy that can pay for your legal fees to ensure you have the best possible representation.
Some of the financial risks include fines, legal defence costs, and compensation for any potential claimants.
A claimant may be an officer or director on the board, a shareholder, an employee, a creditor, or a regulator.
Can Director’s Liability Insurance Protect Your Business?
The losses from these types of cases can be substantial especially when creditors or other companies are involved.
We have seen companies that were found liable for millions of dollars with hundreds of thousands of dollars in legal fees attached.
It’s amazing how a seemingly simple mistake can cost a company so much.
These are the types of huge risks that new companies often overlook until it is too late.
Meanwhile, the right Director’s Liability Insurance policy could cover all or most of the fees.
That single insurance policy could make the difference between a company going bankrupt and a company thriving for decades to come.
However, does that mean you need it for yourself?
Whether or not Director’s Liability Insurance is something you need can be discussed with one of our professional advisors.
Here at CBD Insurance Services, we understand all business risks.
We think about what your business is exposed to today and what it will be exposed to in the future.
When the time comes you will be prepared with the business insurance you need to keep your business alive.
For an obligation-free, competitive quote, professional insurance advice or more information on how we can help you, please contact one of our expert consultants today on (08) 8357 1422 or send a message through our website:
