Directors & Officers Insurance: Grooming Future Leaders
Part of being a business owner or top executive is planning for the long term growth and success of your company. This may mean preparing a future without your guidance. To ensure longevity, Directors and Officers must create a succession plan to continue their business after they are gone.
Part of those duties include finding and developing successors. Here are some tips on how to groom future company leaders.
- Find who thrives on change. How do your employees respond to issues as they come up? Do new challenges cause them to panic and shut down or do they rise to the challenge? Finding future directors and officers who respond well to change are great prospects for leadership roles.
- Allow performers to showcase their ability. Give your top employees the freedom to thrive. Allow them leeway on big projects, or give them the green light to go ahead on their own project ideas. Allowing employees the freedom to take the initiative is a great way to nurture leadership and future directors and officers.
- Expose your employees to different areas. Allow employees to work in different areas of the business with different co-workers. Promoting “cross-pollination” in your business is an effective and inexpensive way to expose employees to different aspects of the business and helps prepare them for future director and officers positions. It also challenges employees and promotes professional development across the board.
- Become a mentor. Mentors help leaders to build and diversify their skills. It can be a huge boost for younger employees looking to catch a break in their careers and an opportunity to gain invaluable one-on-one advice. For the mentors, it can be a great opportunity to pass on your skills and knowledge and also help groom future leaders for the company.
These leadership positions don’t come without risk. As a top-ranking director or officer of a company, you also expose yourself to considerable risk.
At PLRisk Advisors, we have the experience, knowledge, markets to secure the policies your clients require. We can help secure Directors and Officers insurance (D&O) to protect them and their companies in the event there is an allegation that they have failed to perform their duties. To learn more about our D&O policy features, review our eligibility, highlights, and target exposures for each type of entity. For more detailed information, please contact us today (855) 403-5982
