As a private or public company, securing Directors and Officers Liability Insurance to protect your board members is key to attracting and retaining board members. D&O liability insurance can protect directors and officers against claims for losses resulting from failure to do their jobs properly.
The most common claimants are competitors, employees and government agencies.
Here’s how D&O liability insurance can help:
Competitors
No matter the size of the industry your business is in, competition can be intense and not everyone knows how to play nice. Intangible things like intellectual property and trade secrets hold so much value to a business but can be hard to keep track of. D&O liability insurance is one way to protect these assets and the people associated with them.
Employees
Your employees can be your most trusted allies when it comes to matters of business, but the unfortunate truth is that they can also become your worst enemy. From 2011 to 2014, 36 percent of D&O claims filed in the United States were employment related; cases such as wrongful termination. With D&O liability insurance you can avoid being hit hard all because of a messy he said she said situation.
Government Agencies
Government agencies hold businesses and their Directors and Officers to a number of different standards governed by laws such as corporations law, securities law, consumer protection law, taxation law, environmental law and more. With D&O liability insurance you’re able to cover all bases and ensure that one minor slip up isn’t going to be the end of your business.
Interested in D&O liability insurance for your businesses? HRO Resources has packages for any size business. Schedule a free consultation today.