Heels,
You're absolutely right ... but there is one more twist to this.
The employer's insurance company is compelled by rule to protect the employee when the employee is acting within the scope of their employment. That is to say, if you're being a good pilot and doing what you are suppose to, you have insurance even if you make a simple mistake.
If you're being a bad pilot and acting outside the scope of your employment, i.e. conducting an operation prohibited by regulation, rule, local statute or the company's FAA approved operations documents, the insurance company does not have to protect you, and most likely won't. So if you (1) fly into an airport during hours of darkness when local regulations prohibit landing operations, and (2) descend below published, applicable minima and/or do so without the required items and visual cues, and then hit the dirt ... you have acted outside the scope of your employment.
The problem for you is; if you're acting outside of the scope of your employment, there is a loss and your employer is sued and looses, the insurance company is obligated (within policy limits) to pay the award. But once it pays off, the insurance company is then free to come after your estate ... and I've seen it happen. (fortunately, not to me).
So take care boys and girls. As a flight crewmember you are fully liable for your actions regardless of your relationship with your employer, just as is a doctor, lawyer, or any employee.
TransMach