Affordable premium starting at under $375 per year.
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It is important to ensure that the individuals sitting on a board of directors have adequate insurance coverage. Our Directors & Officers Insurance (D&O) offers coverage for those responsible for making decisions on behalf of the group.
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Affordable premium starting at under $375 per year.
Authority figures within an organization are held accountable for their actions and inactions. Ensure that your board members are covered under D&O.
Penalties imposed by the courts, federal or provincial, can be costly if a director is found to be negligent. D&O coverage ensures protection for this potential risk.
Allegations of a breach of duty often leave directors personally responsible for defense costs. D&O policy provides coverage such as legal fees in the event of a claim.
Jacques explains the importance of director & officers insurance policy.
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Directors and Officers Insurance (D&O Insurance) is liability insurance that protects the personal assets of corporate directors, officers, their spouses, and other board member serving private or public companies and for-profit and nonprofit organizations. The liability insurance policy provides financial protection for board members when they are sued by their investors, employees, or other parties for actual or alleged wrongdoings while managing the company.
Directors and Officers Liability Insurance is integral to running a successful company or organization. Having robust Directors and Officers Liability Insurance protects the personal assets of directors, officers, and other crucial members from the repercussions of their decisions and actions as a part of their fiduciary duties. In addition, having a policy in place also attracts talented and qualified prospects to join the company and organization, given the high stakes and risks involved in their roles.
Directors and Officers Insurance also helps insure against legal claims and reimburses costs incurred during a lawsuit, including defense costs, legal fees, monetary damages, settlements, and awards. The Directors and Officers Insurance will either pay for related claim costs to the individuals involved if the company cannot indemnify its members or reimburse the company directly for its indemnity.
Another benefit of having Directors and Officers Insurance is that it applies to current, future, and past directors and officers. As long as a claim is made during the policy period, these individuals will have coverage even when they are no longer a part of the board.
Directors and Officers Insurance can help corporate directors, officers, and the supervisory board in the event that their customers, competitors, stockholders, vendors, and other parties sues them for managing the company. These types of companies can benefit from a D&O policy:
Coverage limits from $500,000 to $2,000,000 are available to 1000’s of different types of businesses in various industries. Here are some industries that need D&O policy:
The cost of your D&O insurance policy will depend on certain variables, including:
Please note that completing our online application for insurance does not cost anything or require you to proceed with the coverage once a quote is provided – customer service is our priority.
Shareholders, employees, customers, and other parties can sue directors and officers in public or private companies for claims arising from:
Have more complex risks? Simply reach out to a D&O specialist here who will advise you on your next step.
Typical policy exclusions include:
While the scenarios above are excluded under the D&O policy, they can be insured under other coverages should you desire additional protection.
D&O covers individual directors and officers and protects them against personal liability arising from actual or alleged negligence or breach of their fiduciary duties to the organization.
Errors and Omissions Liability Insurance (E&O) protects businesses against actual or alleged negligence in providing their professional services (i.e. medical malpractice)
The main difference between the two policies lies in the source of the claims, criminal trial coverage, and who it covers. Generally, these two policies are designed for different purposes and do not have overlapping coverage.
Numerous Directors and Officers litigation risks can develop into massive claims and lead to bankruptcy or substantial financial losses without a proper insurance policy. Having a small business does not mean your executive members are immune to expensive claims. Small businesses with fewer assets can also encounter lawsuits just like large corporations against directors and officers over their fiduciary duty, operational failures, or mismanagement.
It is advisable that any companies or organizations with a corporate board or advisory committee obtain Directors and Officers Liability Insurance.
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