Protect Your Directors and Officers With D&O Insurance

Those chosen by business owners to lead organizations face great responsibility. We know great power means great responsibility. The rest of the story is that with great responsibility comes great risk. If company directors and officers (D&O) make mistakes at work, painful legal and financial consequences can follow.

D&O insurance protects Massachusetts business and nonprofit leaders against some of those risks. LoPriore Insurance Agency can help.

 
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WHAT IS IT?

D&O Insurance is a liability policy for your company’s managers, directors, officers, and employees. It protects from lawsuits alleging that their decisions caused financial harm. It may also pay for legal defense.

WHY DO I NEED IT?

D&O Insurance protects your company and its directors against claims from stockholders, employees, and clients. Since company leaders can be held responsible for the acts of the company, most directors and officers will demand to be protected rather than put their assets at stake.

WHO IS IT FOR?

All organizations (public, private, and non-profit) and the individuals who make decisions are at risk of potential liability claims related to their business.

D&O Insurance Coverage Details

Directors and officers insurance protects the personal assets of company leaders and their spouses in the event they are personally sued (by employees, vendors, competitors, investors, customers, or other parties) for alleged wrongful acts related to the company. D&O Insurance can provide liability coverage for directors of all types of organizations including:

  • Corporations
  • Non-profit Organizations
  • Private Firms
  • Educational Institutions
  • Churches
  • Homeowners Associations
  • Condo Associations

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D&O Insurance FAQs

Most organizations carry provisions to protect board members, but there may be exclusions that leave you open to a lawsuit. Liabilities that aren’t covered by your organization can be covered by D&O insurance.

A D&O policy will not recover wages, taxes, fines, penalties, or multiplied damages. It also excludes claims related to unlawful activity.

These claims should be reported immediately when you become aware of the claim.

• Employment practice suits including hiring and firing
• Contract disputes
• Mergers reflecting a conflict of interest
• Financial performance
• Copyright infringement
• Competitor disputes

Typically, your D&O policy includes provisions for a change in control. Often coverage stays in effect for the remainder of the policy period. However, coverage will only be provided for claims involving wrongful acts that occurred before the change. Some policies terminate immediately upon a change in control, so it is important to understand the terms of your policy.

Learn More about D&O Insurance

Hopefully this information helped you understand D&O insurance. To learn more, get in touch today. Our experienced agents will provide answers to your questions, provide a quick quote, or help you customize the right policy to fit your lifestyle.

Have any Question? Ask us anything, we’d love to answer!