1. ENSURE that you have a thorough understanding of your duties and obligations both at common law and under the Corporations Law.
2. ENSURE that your company has adequate risk control and risk management procedures in place.
i. ensure that there are proper safeguards to ensure that, insofar as possible, fraud and other dishonest offences will not occur i.e. ensure that adequate financial controls are set up and monitored;
ii. ensure that comprehensive health and safety measures are implemented;
iii. ensure that quality control measures are adhered to.
3. ENSURE that all relevant legislation is being complied with by your company.
4. ENSURE that decisions are reached in the best interests of the company and not anyone personally. Ask whether the decision contemplated can be properly justified on prudent commercial grounds. If necessary, obtain advice from the appropriate professional advisers.
5. ENSURE that, insofar as possible, risks you assume as a director or officer have been transferred to the company i.e. ensure that the Articles of Association permit the company to indemnify you to the full extent possible by law.
6. ENSURE that your risk of PERSONAL liability is, insofar as possible, transferred to insurers.
For example, through:
i. Workers’ Compensation/Employers’ Liability Insurance
ii. Public and Product Liability Insurance (General Liability Insurance)
iii. Environmental Impairment Liability Insurance
iv. Professional Indemnity Insurance
v. Directors and Officers Liability Insurance
This information is provided purely to raise awareness of some basic issues for Company Directors. Whilst specific Insurance Cover is critical it is only part of the solution. Whilst VeriSure can assist you with the Insurance elements only it is absolutely essential that you MUST obtain specific and detailed advice from your own professional adviser. You MUST NOT rely solely on the information provided in this document.
VeriSure are Specialists Risk Advisors.
Our commitment to providing the very best Policy Terms and Conditions at the most competitive Premium together with our professional Claims Advocacy is paramount.
Contact us for an extensive Risk Assessment today.
Knowledge then Security.