Protect your senior leadership.
Directors and officers liability insurance to cover your company.
Directors and officers liability insurance covers directors and officers for claims made against them while serving on a board of directors and/or as an officer. We’ll work with you to protect your organization’s greatest asset: your senior leadership.
When choosing the right commercial insurance policies for your business, don’t forget to consider your directors and officers. High-ranking employees are at risk of financial loss just as much as your company- but few policies insure them. Directors and officers (D&O) liability insurance is the only coverage that will protect your personal assets if you are sued as a result of your company affiliation.
In the past few years, both D&O settlement amounts and attorney fees have increased significantly. Without the proper coverage, your financial assets could be at risk.
What is Chicago directors and officers liability insurance?
Directors and officers (D&O) liability insurance protects directors and officers on the board of a company from claims made against them. It mainly serves to protect high-ranking individuals in a company from personal financial losses if they are sued over issues like:
- Intellectual property theft
- Improper use of company assets
- Refusal to follow workplace laws
- Fiduciary negligence
This type of insurance covers legal fees and monetary damages.
Why do you need directors and officers insurance?
If you act as a director or officer in a company, there is no other policy that will protect your personal assets if you were to be sued. It’s not uncommon for disgruntled customers, slighted investors, problematic employees or unhappy vendors to sue a company. But they can also sue the directors and officers in the company, as well. This means that commercial insurance policies like general liability and errors and omissions insurance won’t protect you.
It’s important to remember that both small and large businesses can benefit from D&O insurance. The amount of revenue your company brings in does not have a direct correlation to your risk level. Even directors and officers of small businesses can be sued and face costly lawsuits. However, comprehensive Chicago directors and officers liability insurance can protect you from severe reputational or financial damages.
In simple terms, D&O insurance acts as errors and omissions insurance for directors and officers in a company. It is the only form of coverage that will protect you from financial loss due to civil litigation. At Reliant Agency, we protect you from the unexpected. While you certainly may not anticipate an impending lawsuit from an employee, vendor or investor, these lawsuits are incredibly expensive and time-consuming when they do occur. We are an independent Illinois insurance agency with extensive experience in both commercial and personal insurance.
Contact us today or request a quote below to get the directors and officers liability insurance coverage you need and deserve.
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