Both for-profit businesses and non-profit charitable organizations need to attract top talent to fill positions at the directors and officers level. In order to draw that talent, though, you must offer them sufficient protection to make it worth their while.
Directors and officers fill important roles within the organization and are often targeted for legal action as a result of the roles they play and their visibility. Directors and officers (D&O) liability insurance provides protection for your directors and officers from legal accusations related to their roles within your organization.
Johl & Company understands how important decisions like this are to your business or organization and will help you determine whether D&O coverage is needed in your situation and then help you choose the right policy to meet the unique needs of your business and its directors and officers.
What Types of Claims Does D&O Liability Insurance Cover?
There are many types of claims that are commonly made against directors and officers in business, non-profit, and private organizations. These are some of the more common claims D&O coverage protects officers and directors from.
- Acting Outside of Authority
- Breach of Duty
- Breach of Fiduciary Responsibilities
- Conflicts of Interest
- Errors and Omissions
- Mismanagement of Company Assets
- Mismanaging Operations
D&O liability insurance covers the legal fees, settlements, and/or judgments reached in these matters. The costs of going to trial are prohibitive enough to warrant this type of insurance coverage alone. Even if you are ultimately found innocent, you would still have paid quite a bit of money to prove that innocence without this valuable insurance protection.
Who Purchases D&O Coverage?
Directors and officers insurance coverage is necessary for any publicly traded company and highly recommended for private companies and charitable or not for profit organizations that have directors and officers on staff. This type of coverage should be purchased on behalf of the officers and directors by the organizations they represent.
These individuals sacrifice a great deal of time, talent, and energy into making the organization successful – at a very real personal risk. This type of insurance protection is your way of ensuring you’re attracting talented individuals to your organization.
Why Trust Johl & Company for Your D&O Liability Coverage You Needs?
Johl & Company has served the insurance needs of businesses throughout New Jersey since 1963 and plan to do so for many years to come. We believe that there are many reasons for our long-term success, including the fact that we provide prompt service, believe in the personal touch, and are there for you to help you get a fair resolution when claims are made. We have a history of doing just that and are proud of the many positive reviews we’ve received from satisfied customers in the past.
Further, we are an independent insurance agency. This means that we have the flexibility to identify the insurance services that are right for your unique needs. The fact that we have developed relationships with many different insurance providers means we can get you that coverage.
We won’t sell you products you don’t need for the sake of selling insurance and you’ll never be just another customer to us. We’ll help you identify your insurance needs, recognize your unique risks, and identify areas where you can minimize your risks and exposure to risks by making small changes in the way your business operates.