Directors and Officers Insurance (also known as Management Liability) provides coverage for a business and its corporate directors and officers. It offers protection against lawsuits brought forth by customers, donors, shareholders, competitors, suppliers, or other parties for the actual or alleged wrongful acts that arise out of managing a business.
Our experienced advisors at The Standard are ready to work with you to find a policy and quote that best suit you and your company.
What is Covered Under D&O Insurance?
Directors and Officers (D&O) Insurance protects the personal assets of corporate directors and officers (and their spouses) in the event they are personally sued by employees, vendors, competitors, investors, customers, or other parties for actual or alleged wrongful acts in managing a company.
The insurance – which usually protects the company as well – covers legal fees, settlements, and other associated costs. D&O insurance is the financial backing for a standard indemnification provision, which holds officers harmless for losses due to their role in the company. Many officers and directors will want a company to provide both indemnification and D&O Insurance.
D&O Insurance is integral for businesses of all sizes in protecting personal assets. At The Standard Insurance, we understand how important it is and are prepared to find you the best price, answering any questions you may have about a Directors and Officers Insurance policy.
Why Should a Company Buy Directors and Officers Insurance?
Any business with a corporate board or advisory committee (including non-profit organizations) should consider investing in D&O Insurance. Your company does not have to post significant revenues for your directors and officers to be personally sued over their management of company affairs. In fact, smaller businesses with fewer assets may need the protection as much as large, deep-pocketed corporations.
Directors and officers are sued for a variety of reasons related to their company roles, including:
- Breach of fiduciary duty resulting in financial losses or bankruptcy
- Misrepresentation of company assets
- Misuse of company funds
- Failure to comply with workplace laws
- Theft of intellectual property and poaching of competitors’ customers
- Lack of corporate governance
It’s important to note that illegal acts or illegal profits are generally not covered under D&O Insurance.
Contact The Standard Insurance Today
Are you the director or officer of a business? The Standard can help guide you through the application process and find a policy that fits your needs and budget. Give us a call today at 1-844-969-8199; one of our advisors is ready to assist you.
Directors and Officers Insurance FAQ's
At The Standard, we often receive questions about D&O Insurance from clients who come from a variety of businesses. Our knowledgeable advisors are happy to answer all questions you may have about your Directors and Officers Insurance policy and how it would protect you based on your business.
Here are some of the most frequently asked questions we are asked about this type of insurance:
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