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Directors & Officers Liability
Directors & Officers liability insurance is specifically designed for the protection of the personal assets of the directors and officers of your business or non profit. In other words, it is a management errors and omissions policy. Although it is similar to errors and omissions insurance, D & O is not directly concerned with the products and services of your company but rather the business actions of management.
Anyone who agrees to serve as the director or officer of a company or non profit exposes their personal assets to litigation. It is in their best interest to have coverage in place that will provide money to pay for defense and damages in the event of litigation. There are laws that offer protection to the directors and officers of a corporation. These laws will allow for a corporation to defend and indemnify the directors and officers but the laws also provide for situations where a corporation is prevented from indemnifying or protecting the directors and officers. Even if the company can defend you, does it have the funds to provide for an extended defense? Or what if the company has failed and is no longer around to provide for the defense. A D&O policy will provide this defense as long as the litigation occurs under the terms and conditions of the policy.
If you have assembled a board of directors, D & O insurance is necessary for your business or non profit. Contact Gillman Insurance for a free business evaluation and receive a quote.