There are times when some aspects of running a successful company can seem unclear. This is especially true when it comes to the actions of your directors and officers. Should someone in your organization run into issues with civil money penalties, for example, you might not be able to find insurance funding through traditional lenders like banks. This means you need to take time to look at your best options with insurance for civil money penalties.
Recent reports on www.fgib.com have stated that CMP coverage can be quite useful when it comes to protecting your directors and officers. This type of policy covers the personal liabilities of your directors and officers instead of a bank. With the right CMP policy, you can find comprehensive coverage to keep your team protected in an array of cases. Important facts to note about this type of coverage include:
- The policy will only cover civil money penalties and not defense costs
- Coverage for fines issued by regulatory companies
- A range of options for deductibles
Avoid Lasting Consequences
When a director or officer in your organization is dealing with penalties from a regulatory body, you do not want it to have a lasting negative impact on your business. By giving yourself time to research your insurance options, you are taking the steps toward properly covering your company and its assets at all times.