Corporate legal liability insurance is a very important insurance that safeguards the corporation’s interest monetarily in case a third party decides to sue the directors or officers of the company. Depending on the nature of your profession, business, and the arising liabilities, it is advisable to safeguard yourself from the adversities that you may have to face owing to legal attacks. When you or your company are made liable for some mishap, it may take a toll on you financially. Thus, to evade that it is always beneficial to have a liability insurance in hand.
The coverage in broader context generally tackles the monetary cost but can be extended to criminal and regulatory investigations or trial defense costs. Civil and criminal actions are often brought against directors and officers simultaneously. Further, this policy is similar to corporate governance, corporate law, and the fiduciary duty owed to stakeholders, such as shareholders and beneficiaries. The policy with its coverage reimburses the company for all its legal costs arising from the liability.
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