Learn how director and officers liability insurance can protect you and your business.
You’ve worked hard to become a leader in your field. However, as a director or an officer, you’re faced with immense responsibility. You’re no longer a face on anonymity, but you’re in the public eye. Should your business find itself in any trouble, you’re held accountable. Without the right coverage, you could find yourself in hot water. Protect yourself with the right commercial insurance. Check out what you need to know about director and officers liability coverage with these FAQs.
Why do I need director and officers liability insurance?
Whether you work for a non-profit organization or a private company, as a director or officer, you’re at risk for a costly lawsuit. Director and officers liability insurance gives you the coverage that you need to protect any personal assets should you face a vicious legal battle.
What types of claims can be brought against me?
When it comes to lawsuits against your company, it’s important to know which types of lawsuits are common so that you’re better equipped to protect yourself. Private organizations and non-profit organizations have different types of claims that can be brought against them. It’s not uncommon for shareholders, employees, competition, and investors to make claims against a private company, while employment related issues are main factors in lawsuits when it comes to non-profit organizations. In either case, the right insurance helps to keep you protected.
What doesn’t my director and officers liability insurance cover?
Your coverage gives you most of the coverage that you need. However, do keep in mind that there are a few areas that your insurance won’t cover. Director and officers liability insurance won’t cover things such as wages, taxes, or multiplied damages. However, when it comes to protecting yourself, such liability coverage is well worth it.
With great responsibility comes great risk. Ensure that your business is well protected with the right director and officers liability insurance. Contact the professionals at NorthStar Risk Management & Insurance Services, Inc. in Walnut Creek, California for all your commercial and personal insurance needs.