In the last 10 years or so, directors and officers of companies have been operating under increasing scrutiny. Various high profile scandals, from Kenneth Lay of Enron to Martha Stewart’s ignominious insider trading and an enhance level of governmental regulation have shifted directors and officers from faceless top executives working behind the scenes, to front page news. As a result, D&O liability has become a top concern for executives.
Corporate by-laws and/or indemnification agreements do not provide absolute protection to directors of..
We live in a highly litigious society as business owners face increasing risks from claims and lawsuits every year. Even the legal profession isn't immune from malpractice claims. In fact, though the number of claims brought against attorneys is leveling off, the number of large claims continue to rise sharply.
Large firms will be able to recover from the huge financial costs that a large claim can incur. But this new trend could decimate a small or midsize firm.
According to Property Casualty 360, the..
Accountants are an integral part of business operations. Businesses and individuals rely on tax and accounting professionals for financial advice, estate planning, tax preparation and filing, audits and various other financial transactions. They rely on financial statements, which are dependent on solid accounting, to make a number of business and economic decisions.
No business will vie well if records are not well kept. Accounting mistakes can affect a firm’s reputation, credibility, and could even hurt their profits. At the..
The financial crisis demonstrated a key role that a board fulfills- providing careful guidance and leadership steering a company through a crisis. When and if the need arises, the board of Directors and Officers should have a crisis management plan in place. Below are tips on how to formulate a constructive crisis management response plan.
Conduct a vulnerability audit. Take some time to objectively examine your entire organization. Identify factors or areas that would make it more vulnerable in a crisis. Perhaps there..
Many businesses disregard the threat of a cyber attack. They have a secure system and most assume the hackers are more interested in mega corporations and sending political messages than accessing the few hundred or thousand records small to midsize business have. But nothing could be farther from the truth.
Data breaches are opportunity crimes. If the crack or opening is there, a breach can occur. Over half of U.S. small businesses experience at least one data..
Professional liability is essential for business owners
Professional liability programs such as Errors & Omissions, Directors & Officers, and Employment Practices Liability insurance are essential coverages for business owners to have. Yet, they sometimes end up on the chopping block during stringent times when workers are looking to cut costs.
SmartBusiness reviewed why it is essential to keep your insurance and not compromise on coverage. Businesses naturally want to save money, increase profits, and keep their employees happy and healthy. Lowering insurance coverages can expose your..
The American Bar Association defines Employment Practices Liability Insurance (EPLI) as “a form of coverage specially written to insure employers against liability for claims of discrimination, sexual harassment, and wrongful termination by their employees.” EPLI is commonly written either as a stand-alone policy or included with other crucial business coverages such as Directors and Officers and Errors and Omissions insurance.
One particular area that has been hit is the private sectors. According to Insurance Journal, employment bias complaints against private..
Recruiting and retaining a balanced, successful board of Directors and Officers is no easy task.
There are multiple factors to consider when examining a successful board composition. The right mix of industry and financial expertise, objectivity, a diversity of perspectives and experiences, different business backgrounds, and overall diversity is an ideal situation, and a difficult composition to find.
One possibility is choosing an independent chairman. This practice has been implemented widely in the U.K., but minimally..
The Navigators Group, Inc. Recognized by Forbes as one of "America's 100 Most Trustworthy Companies"
We are pleased to announce that The Navigators Group, Inc. was recently recognized by Forbes Magazine as one of "America's 100 Most Trustworthy Companies."
Forbes reports that the rankings were calculated by a third-party using proprietary modeling that looks at "over 60 different governance and forensic accounting measures" to "identify the most transparent and trustworthy businesses that trade on American exchanges."
At Navigators, we truly believe that people do business with people they know, like, and trust, so this kind of third-party recognition is especially fitting. Our strength..
The board of a public company is responsible for steering them towards long term health and success. But Directors and Officers must contend with shareholders taking on a more active role.
The financial and economic crisis increased scrutiny on public company boards of directors. They have been subject to increasing demands, inspection, and in some cases, have been met with mistrust. The assault on the traditional director-centric model of corporate governance has created a definitive shift in structure of corporate companies in the..
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