Managers are responsible to a wide variety of stakeholders and are personally liable with their private assets in the event of careless and unfaithful management.
The Swiss Code of Obligations stipulates the responsibility of managers as follows:
“The members of the Board of Directors and third parties involved in the management of the company must perform their duties with the utmost care and protect the interests of the company in good faith. (Art. 717 para. 1 CO)
“The members of the Board of Directors and all persons involved in management or liquidation shall be liable to the Company and to the individual shareholders and creditors of the Company for any damage caused by intentional or negligent breach of their duties. (Art. 754 para. 1 CO)
The duties of managers are not conclusively regulated by law; they are also subject to constant regulatory and legislative adjustments, which must also be fulfilled. A constantly growing and changing catalogue of requirements combined with an increasing demand mentality has led to a strong increase in manager liability claims.
The employer’s liability for unlawful employment practices does not necessarily involve personal liability on the part of the director or officer, but the related claims are often brought against both natural persons and entities.
The following insurance products offer protection for both exposure types.
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