Directors and Officers Liability Insurance
At 1st Choice Insurance, we’ll use our extensive experience and knowledge to find you the right cover for your Directors and Officers Liability Insurance at a competitive price, ensuring that we search our markets to find you the best coverage. Sometimes known as D & O Insurance, this policy will cover your business’s directors and its officers from personal losses made against them.
What is directors and officers insurance?
Directors and officers liability insurance, also known as D & O insurance or directors & officers liability, is a tailored business insurance policy designed to cover business directors and officers in the case of loss or damage resulting from their business. Business insurance is a large umbrella term used to describe a range of individual protections, with specific professions and industries often needing specialised support.
Directors and officers coverage describes liability coverage payable to the officers and directors of a company as reimbursement for losses or defence costs that come about through legal action. Liability insurance is available in many configurations, with related policies including business liability, product liability, and contractors liability. D & O insurance policy conditions and provisions can vary significantly between insurance companies so it’s important to get comprehensive advice before signing a contract.
Who needs directors and officers insurance?
D & O coverage is available to all company directors and officers who may be subject to professional indemnification. People at the head of a company often face lawsuits and legal action brought about for alleged wrongful conduct, with civil and criminal legal actions often leading to expensive investigations and trails. While directors and officers liability insurance does not cover people against intentional criminal activity, it does provide a wide range of financial protections.
D & O insurance is related to protections defined in corporations law, fiduciary law, and corporate governance. The need for specialised D&O coverage depends on the industry and company in question, as well as the wider business insurance policy being used. Large organisations need to be particularly careful to obtain D & O insurance in order to cover all eventualities, with a range of liability protections available from 1st Choice Insurance.