Wichert Insurance, an independent Ohio insurance company, specializes in providing valuable insurance products for businesses and non-profit organizations. Many companies and non-profits need directors and officers insurance, also called “D&O liability.” This coverage protects against damages due to the actions of a board of directors or executive officers. It protects governing and executive officials within an organization in much the same way that errors and omissions insurance covers licensed professionals against mistakes and mishaps.
Any company or organization with a board of directors or chief executives needs D&O coverage. Often, board members will not serve with an organization unless it maintains this type of coverage. Publicly traded companies are often required by their stockholders to maintain D&O liability insurance.
Wrongdoing—either alleged or confirmed—by a director or executive can do immense damage to a business or organization. Whether a company is privately owned or publicly traded, misstatements and unethical dealings by a leader in that company can have profound negative effects on the bottom line. Both for-profit and non-profit organizations rely on directors and officers coverage to protect them in the event of lawsuits and other losses due to the actions or omissions of their leadership. The coverage not only protects the company or organization but also protects individual officers and board members from legal action that might otherwise have been brought on them personally.
Wichert Insurance partners with several top insurance carriers to provide a full array of business liability insurance options. Our corporate customers benefit from our established relationships with these carriers, and we can shop around to find the pricing and service that our corporate customers require. D&O insurance comes with a variety of limits and deductible options. Limits begin at $500,000 per claim and are also available in higher amounts. Total annual limits vary from policy to policy, and our insurance professionals will work with you to find a plan that suits your organization’s needs.
To learn more, fill out a quote request form or call our office. We look forward to helping you protect your organization.