Protect Personal Assets with Director’s and Officer’s Liability Insurance
Serving on a board of directors is an honor and a huge responsibility. It requires a person of vision and business acumen. The expectations are high and if a poor decision is made, not only is the organization at risk, so are the personal assets of the one serving on the board. In today’s litigious society, it is imperative that companies and non-profit organizations protect their board of directors and officers.
At the Business Insurance Center, our network of experienced brokers understands the importance of retaining excellent members and officers. Who wants to serve on the board of a company if they can lose their home from an alleged wrongful act? We work with organizations across the country to get the best coverage for your needs without hurting your bottom line.
Types of Director’s and Officer’s Liability Insurance Coverage for Safeguarding Your Board
When you want to protect your board members, directors, officers, and managers, you need a reliable insurance package. Talk to one of our brokers so we can present you with the best options, including:
- Private Company Liability: Helps protect directors and officers of privately held companies if a claim arises from potential mismanagement of the enterprise.
- Errors and Omissions: This can help cover times of liability for committing an error or omission during the course of performing professional duties.
- Non-profit Director’s and Officer’s Liability: Offers your non-profit organization broader errors and omission coverage than for-profit entities.
Reasons Directors and Officers May be Sued
The function of director’s and officer’s insurance is to protect the personal assets of corporate officials from lawsuits filed by employees, vendors, competitors, investors, and customers. There are a variety of reasons a suit may be submitted, including:
- Breach of duty that results in a financial loss or bankruptcy
- Misuse of company funds and assets
- Failure to follow workplace laws
- Stealing intellectual property of a competitor
- Failing to provide appropriate corporate governance
- Reporting errors
- Securities litigation
How to Determine if Your Organization Needs Protection
It takes one misstep to find your company or non-profit in deep trouble with a legal notice. It still may seem difficult to know if you need additional coverage. Consider these questions and then talk to one of our brokers:
- Do you have a board of directors of a company or non-profit?
- Are their personal assets higher than the organization’s assets?
Ensure Peace of Mind with the Help of a Trusted Advisor
Retain top-performing employees and board members when you have excellent protection through director’s and officer’s insurance. Talk with an experienced broker from our countrywide network to get the best coverage options at a great rate. We help businesses of all sizes across several industries. We are happy to assess your needs and create a tailored package for your company and non-profit. Experience quick response times and outstanding customer service when you reach out to us today.