Directors & Officers Liability
What on earth has that got to do with me you ask?
Directors responsibilities are the same whatever the size of business and those responsibilities have been piling up and are going to continue to do so after the release, today, of government plans to improve regulatory and professional standards for accountancy firms and directors.
You were already responsible for health and safety and following proper fiduciary duties. Failure to do so wasn’t just going to result in a fine. The company may have limited liability but you, personally, don’t and your personal assets could be seized. Those responsibilities are soon going to increase with the requirement for making sure the accounts are correct and not just rely on your accountant. Yes a level of responsibility has always been there but it’s increasing! Company directors will face more responsibility to ensure accounts are accurate, or face tougher penalties.
So: check you have a good accountant and consider Directors & Officers Liability insurance to help offset your risk.