Directors & Officers Liability Insurance
Individuals serving on boards of public, private or non-profit organizations
can be personally pursued for actions of the companies they serve.
Directors & Officers Liability Insurance can protect them against that risk.
Join thousands of Canadian businesses that are already protected!
What is Directors & Officers Liability Insurance?
Directors and Officers Liability Insurance (D&O), covers costs associated with indemnification, losses or legal defence against an individual who serves as a director or officer for the board of a corporation, whether it’s for-profit or non-profit, public or private.
Directors and officers can be liable for alleged actions such as: breach of common law duties, negligence in their duties, breach of their fiduciary responsibility to shareholders or violation of provincial or federal laws.
What is Not Covered?
Other policies may be required in addition to a Directors & Officers insurance and circumstances may call for specific extra coverage.
When purchasing a D&O insurance policy, make sure to learn about the following extra coverage as they are typically not included by default:
- Cyber liability insurance
- Professional liability insurance
- Error & Omissions Insurance
- Business interruption insurance
- Vehicle insurance
- Contents and property insurance
- Equipment breakdown insurance
In almost all circumstances, D&O does NOT cover the following:
- Fraud or intentional acts
- Property damage or bodily harm
- Illegal or personal profit
Who needs D&O Insurance?
Any company with a Board of Directors should consider D&O coverage. This applies equally to public, private and non-profit organizations. D&O coverage will not only help you attract the best leaders but also allow them to operate without fear.
Quite often, new directors or officers will demand D&O coverage as a condition of employment, as a way to protect their personal assets. Sometimes investors will require D&O policies before injecting capital to ensure they protect their investments.
What is the Cost of Directors and Officers Insurance?
The cost of an D&O policy varies according to risk factors such as:
- Company size
- Depth of employee training
- Past lawsuits
- Quality control procedures
Getting insured is quick and easy!
If D&O insurance is what you need,
request a free quote now >
Common scenarios where Commercial Insurance is useful:
A board of directors appoints a President who leads the company to huge losses – shareholders decide to sue the board for poor judgment in hiring.
A Board Director fails to keep his personal assets separate from his business assets due to miscommunications with his lawyer and accountant, and shareholders sue for misuse of funds.
A board of directors fires two employees for poor performance, but they decide to sue, claiming they were wrongfully dismissed due to their race.
Frequently Asked Questions about
Directors and Officers Insurance
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