Being in charge isn’t all long lunches and self-congratulation – there are real consequences to what you do and how you do it.
A healthy dose of reality every now and then isn’t a bad thing. Unfortunately, that dose of reality can sometimes be a bit too real as being a company director means being responsible for pretty much everything.
Simply by virtue of being in the position you’re in, you can face pointy fingers for things you had no idea about. Worse, you’ll be expected to fix whatever’s wrong or face the fallout.
If that seems a little unfair, the harder truth to swallow is that you’re personally liable for these problems and worst-case scenario, legal action can be brought against you and framed as a breach of your duty of care.
The big story here is if you’re sued personally, you have to respond personally. Your business can’t always pay your legal bills or the financial penalties a court says you’re liable for. That means putting your hand in your own pocket to get both the help you need and settle any fine or compensation required.
So, it pays to accept your responsibilities with a side order of self-preservation. Go in eyes-open, making sure you’re fully aware of exactly what risks someone in your position faces, and manage those risks accordingly.
Being responsible is all about being responsible.
Kerri-Ann Hockley is head of customer service at business insurance broker, PolicyBee. For a quick online quote visit
policybee.co.uk/suffolkdirector, or call a jargon-busting adviser on 0345 222 5370