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Directors & Officers Insurance

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Simonis & Associates Agency Inc./ directors officers insurance

Directors & Officers Liability Insurance Provided By Our Agency

In today’s complex operating environment, D&O claims brought by stakeholders such as shareholders, customers, vendors, competitors, suppliers, regulators, and creditors, present increased risk for companies across all industries. D&O insurance protects the personal assets of those individual directors and officers when the company they serve is unwilling or unable to pay for their defense costs and any settlements or judgments for which they are responsible.

What is Directors & Officers Liability?

Directors & Officers (D&O) Liability insurance is designed to protect the people who serve as directors or officers of a company from personal losses if the organization's employees sue them, vendors, customers, or other parties. In addition, D&O insurance can cover defense costs, settlements, and additional costs associated with wrongful acts, allegations, and lawsuits. Director's & Officer's insurance is essential to a corporate risk management strategy and can help your company attract and retain qualified executives and board members.

Directors and officers are sued for a variety of reasons related to their company roles, including:

  • Breach of fiduciary duty resulting in financial losses or bankruptcy
  • Misrepresentation of company assets
  • Misuse of company funds
  • Fraud
  • Failure to comply with workplace laws
  • Theft of intellectual property and poaching of competitor's customers
  • Lack of corporate governance

What is covered by Directors & Officers Liability?

Side A Coverage:

Covers directors and officers for defense costs, settlement fees, or judgments if the company cannot indemnify them, such as if the company has declared bankruptcy.

Side B Coverage:

Covers the company for directors’, officers’, and employees’ losses when the company does indemnify them.

Side C Coverage:

Also called “entity coverage,” financially protects the corporation in its own right. Entity coverage may reduce the limits available to protect the individual officers and directors.

The Importance of Directors & Officers Liability Insurance

  • The need to obtain proper D&O insurance cannot be overstated. A common misconception is that alleged misconduct by directors or companies is covered under other liability policies, such as commercial general liability, errors and omissions, or other professional liability policies. In many cases, this is not true.
  • Occasionally, misconduct may not fall within an organization’s indemnification clause.
  • Even if an organization can indemnify its directors and officers for the wrongdoing in question, it may not have the funds to finance the ongoing costs and expenses related to a lawsuit.
  • These costs can add up quickly and easily reach six figures.
  • Without the financial backing of a D&O insurance policy, an indemnification clause might not adequately protect the directors and officers of the organization.

Contact us today to keep pace with an increasingly complex risk landscape and find the best D&O insurance coverage!

Already have Directors & Officers Insurance? Switching is easy

It might be time to switch insurers whenever your existing insurer's service doesn't meet your needs. For example, it might be time to consider other options if you have poor claims experience or an unexplained rate increase.

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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Simonis & Associates Agency Inc.

We extend coverage to individuals and businesses throughout, GA, AL, TN, SC, NC, FL, MS, NM, CA, MI.
(678) 610-5115
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