A company’s directors and officers have a tough job. When making decisions, they have to consider the best interests of employees, customers and shareholders, while also keeping in mind corporate best practices. If they have limited information and a short amount of time to make those decisions, sometimes costly mistakes can happen and they can be held legally responsible for the repercussions of those mistakes.
To hire and retain talented directors and officers, companies want to give them the freedom to make corporate decisions without the fear of liability for losses stemming from those decisions. Directors & Officers (D&O) insurance protects executives against the consequences of any alleged or actual “wrongful acts” they commit while performing regular supervisory duties. Without D&O coverage, executives’ personal assets are at risk in the event of a lawsuit.
No matter the size of your company, costly mistakes made by directors and officers can happen, which is why it’s important to take steps to insure your executives against losses stemming from an incident. Contact Megson FitzPatrick Insurance Services today to learn about the D&O coverage solution that’s right for you.