Protect yourself with directors and officers liability insurance.
As a power player in your business, you carry immense responsibility on your shoulders. However, if something goes wrong, you could be held personally liable. As a director or officer of a private corporation, you need adequate protection so that you can keep your personal life and your professional life separate. If you are found liable for a decision made by your company, your personal assets are on the line. Get the coverage that you need, and check out what to know about directors and officers liability insurance.
Your Business is at Risk.
Any business, whether they’re a private company or non-profit, is at risk for a directors and officers liability lawsuit. In fact, as many as one in three business will face such a lawsuit. These suits are brought on by nearly anyone a business interacts with from customers to employees to vendors to competitors. As these lawsuits are common, it’s imperative that you protect your business with the right coverage.
How a Directors and Officers Lawsuit Can Affect Your Business.
Typically, directors and officers lawsuits are long drawn out legal battles. These suits can last several years and end in costly settlements, some of which are upwards of one million dollars. Not only are they expensive to settle, but your company racks up lots of legal fees in the process. Unless your company is prepared to pay out of pocket, directors and officers liability insurance is a must. Otherwise, you put your directors and officers personal assets on the line. Not only is the threat of a lawsuit unsettling for your business, but without the right insurance coverage, your business misses out on quality employees. Unless you can guarantee protection against such a lawsuit, talented employees are likely to seek employment elsewhere. Make protecting your business a priority.
Protecting your business is important. Stay safe and secure with the right insurance. From business liability insurance to directors and officers liability insurance, find the perfect combination of policies to tailor your business’s coverage. Contact the professionals at NorthStar Risk Management & Insurance Services, Inc. in Walnut Creek, California for all your commercial and personal insurance needs.