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- Legal Coverage for Health & Safety Requirements (Bill C45)
- Protection from Lawsuits Filed Against Company Directors
- Cover Unexpected Future D&O Related Claims
- Employment Practice (Wrongful Dismissal) Coverage including Defence Costs
Defining D&O Insurance
Directors and Officers liability insurance covers officers and directors of a company or organization, and their actions. When these people take any kind of business related actions they are essentially representing the company and this can affect customers, workers, and other businesses. This is especially important if company officers do things that are unethical, immoral, or illegal. In fact, if a lawsuit is filed against the company directors, D and O liability insurance helps to pay for damages and legal fees. These policies can be payable to the company officers or the company.
What Businesses Should Have D&O Liability Coverage?
Companies with officers and managers should consider protection. This includes not for profit organizations as well as those that are public traded. Private companies should also consider this coverage. This also includes:
- Companies with board members
- Company associations or organizations
- Business partners
- Businesses with multiple partners (including other company co-owners)
- Stockholders with voting rights
- 50-50 ownership situations
In addition, many smaller businesses should consider D&O insurance coverage, especially since the risk factors are lower than major corporations and insurance rates are very affordable. You never know when someone is going to sue you these days. In addition, most umbrella liability policies do not cover issues like fraud or theft.
Standard Directors and Officers Insurance
Most policies will cover legal issues like:
- Demand for monetary damages
- Criminal proceedings
- Civil proceedings
- Mediation or arbitration
- Regulatory proceedings
- Legal defense for fraudulent or illegal activity
Coverage can include organizations, subsidiaries, employees, managers, and advisory committees.
D&O Insurance Options
Options can vary according to the needs of the company, but they may include:
- Personal indemnification
- Expenses for investigations
- Antitrust issues
- Employment issues
- Liability coverage extended to spouses or partners
- Extension for foreign offices
In most cases, fines and penalties are not part the coverage.
D&O Insurance Coverage Can Be Confusing
When it comes to legal liability issues, there are many different things to consider. Moreover, it can get very complex when you add in all of the things that “might” or “could” happen. In fact, it takes more than just an insurance agent to understand these issues and advise you on the best insurance protection for your business. That is why you can count on Leibel Insurance Group when you need directors and officers insurance.
We are not here just to sell you insurance. We have highly trained and experienced professionals that understand the business and insurance industry. When you do business with our brokerage you will receive:
- Exceptional service
- Trusted advice
- Innovative solutions for your business
If you check out a couple of insurance companies on your own, you may find one that has more to offer than the other. However, it makes sense to go with independent insurance brokers like Leibel Insurance Group. We do business with 8 different insurers for D and O insurance and we already know what they have to offer you. This gives you the very best coverage at rates you can afford.
Since 1981 Leibel Insurance Group has served the needs of Alberta businesses and individuals. When you add up all the experience in our company you receive over 250 years of insurance expertise.
If your business is not fully covered, you and your people are taking unnecessary risks. Contact us today for a free D & O insurance quote.