A Corporate Director’s Responsibility

You have responsibility with potential liability if you are a corporate director. Even in a small corporation. What is more, you will not be able to easily buy insurance to cover that.

                           

Worse, were you able to buy corporate director’s liability insurance, it would not cover accusations of fraud, the liability you have to avoid the most.

Despite never committing an act of fraud in any business you are in, large or small, you can still be liable. Any worthwhile plaintiff attorney will charge you with fraud, no matter how innocent you may be, because it’s a powerful weapon.

                           

Also, you will be liable for any act other directors on the corporate board may be accused of, in relation to corporate activity. That’s called joint and several liability.    (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)