There is no denying that every member of a business has a critical part to play. But it’s also common knowledge that mistakes can happen and that we live in a litigious society in America. Directors and officers liability insurance aims to protect those individuals from the cost of lawsuits that may occur.
Directors and officers are members of the team with extra responsibility. They answer not only to the staff but also to investors, regulators, and members of the public. This high accountability makes them more susceptible to a range of issues. From the threat of legal action to the cost of paying out for compensation, this higher-level position could cost them dearly.
The team of independent brokers at Lake Region Insurance Agency can help you determine what level of coverage your business needs for its leaders. Give us a call to review your plan and fill in the gaps.
Also called D&O insurance, this is a type of coverage designed to protect the top-ranking members of your company. It helps to protect against any claims made against the individual and covers a wide range of potentially expensive problems.
Directors and officers liability insurance puts an extra precaution in place, which can offer you peace of mind and security. It is designed to protect these members of your team and can help you keep your business afloat in the event of an issue.
The primary functions of this insurance are preservation and protection when someone files a claim against the company or its officers and directors. It can cover claims involving:
Directors and officers liability insurance helps to protect you as an individual from personal losses. It can mitigate the financial hits tied to legal complaints against a director or officer. D&O can sometimes even protect the spouses of officers and directors.
If your company has individuals in those roles, you need D&O insurance. It is the responsible choice to protect your business.
Lake Region Insurance Agency is an independent group that can access policies from many different companies. Reach out today to review the plans you have in place and ensure you aren’t leaving your people in a vulnerable position.
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