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Anonymous
Is it possible to protect directors from legal liability?
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Tan Choong Hwee
03 Nov 2021
Solutions Specialist at Providend
Not knowledgeable in this area, but found the following link that may be useful to your question:
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Directors are exposed to a significant amount of personal liability. If you get sued personally as a director, your personal assets like your house, savings, car, etc. will all be exposed to legal claims. This is true even if you're a director of a Pte Ltd. Limited liability protections don't apply, because you're being sued personally.
Directors & Officers (D&O) Liability Insurance is immensely useful for directors to protect themselves from lawsuits personally targeting them. D&O Insurance will pay for lawyer's fees, and legal damages/settlements, which can easily add up to hundreds of thousands or millions of dollars. D&O Insurance rates start from as low as $42/month.