Third-party lawsuits and identity theft are both large concerns for CEOs, finds a recent survey conducted by Chief Executive Group.
When the CEOs were asked what keeps them up at night, 37 percent of respondents said being sued by a third party was a "high" or "very high" area of concern, while 57 percent indicated identity theft as such.
The survey's purpose is to determine senior executives' awareness of business and personal "invisible risks" and gauge their risk readiness. According to the survey, most CEOs are aware of risks to "hard" assets, such as homes, cars, boats and jewelry, but many do not know the extent of their personal liabilities as highly visible and repeatedly targeted individuals. The majority of respondents have insufficient insurance protection against those risks.
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"Most CEOs have worked extremely hard for many years, putting enormous effort and energy into building the value of their businesses and accumulating a material level of wealth," says Wayne Cooper, who oversaw the research. "Many, however, haven't put nearly enough focus into protecting their wealth. Comprehensive insurance protection and an adequate and appropriate personal risk management solution are critical to all individuals, but especially those who are successful and have deep pockets."
Though most CEOs are confident in the levels of insurance coverage obtained for automobiles at 95 percent and homes at 97.5 percent, only 52.2 percent are confident that their companies provide adequate directors and officers insurance liability coverage. In fact, 41 percent say they aren't sure if their own boards even have sufficient insurance coverage for them.
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