Responsibility and loyalty. What if your boss makes mistakes?

Errors made by boss is a topic usualy ignored in the discussion of management. What can a worker do when he sees that his boss makes a mistake? What if he makes the mistake again?   Variants and consequences: Do not react. Better to keep quiet, because it’s not my fault. But is it ok for company, me and my team? I go to the boss and inform him about the error. Maybe the boss will say “you are right, thank you!”. Or maybe not, and I will be now unwanted employee? I’m going level up and report to boss of my boss. But maybe I made a mistake, because I’m skipping official way. I’ll be squealer. I do not execute decisions. I change his decision. But maybe I make a mistake. It will be my fault and responsibility. I’m quit. I give up because I can not stand the stress. But is it a good solution for me – not easy to find a new job. How to be loyal to each other, the boss and the company? It is a huge task for managers – to be open to feedback. Workers should have the opportunity to present their opinion – come to the boss and discuss the issue. John listens to his people, so be such a good boss John.