Covering all of your bases with insurance is easier said than done. Every organization out there has unique requirements depending on factors like what industry the business operates within, how many employees work for the group, and more. While it can seem like a lot, there are ways to find the best options for your needs. Reviewing how an option like D&O coverage can benefit your business, for example, is a great way to get started on finding the best fit for your organization.
Understand Your Options
Directors & Officers options, also known as D&O policies, are made for organizations where there are multiple levels of executive positions. While not all of these positions will require specialty policies, there are some areas not covered by general liability or even E&O options. This means you want to do some homework and look over exactly what options like D&O can do for your future. While your directors and officers should be held accountable for every mistake made and necessary actions taken to fire or demote these individuals, you still need to protect them from certain issues including:
- Failure to adhere to the company regulations
- Using funds in a negligent manner
- Internal issues between board members
Protect Your Assets
Insurance is meant to protect your business on all fronts. If you have directors, officers, or other executives sitting in important meetings at your company, you should do the work to ensure these people do not cause your company any financial distress due to negligent behavior.