..Then he probably sold you on setting one up :-) J/k. they do provide protection.but its slim. a person sues your company for 750,000. your company has a 500,000 policy. they seize the rest of the assets for 50,000. there is 200,000 remaining. They could and likely would sue the board members. Who are the board members?
My advice may be worth what you paid for it.