subject: The Responsibilities of a Director and Officer Insurance [print this page] The Responsibilities of a Director and Officer Insurance
Essentially, a director and officer insurance offer financial protection for the officers and directors of a specific company. This specific liability protection is available back during the 1930s. It is used in any instance a company is brought to court due to a defective performance of their tasks or responsibilities. A lot of business owners acquire this specific coverage if ever they are involved in a particular lawsuit which relates to discrimination or harassment. A company is usually required to buy this specific coverage whenever their board of directors is assembled. A business which employ a lot of employees would very much benefit from such an insurance as they are more susceptible to lawsuits.
A Director and Officer Insurance is critical whenever claims from employees and stockholders is made against the company. Claims could also be made against the company's directors. They will also be held liable for any acts the company engages in. This allows officers and directors to be in danger of losing their personal assets or business. The number of lawsuits against a specific company depends on a number of factors. For instance, a company with a large asset is likely to have a lot of claims lodged against it.
Employment lawsuits practice actually represent the largest claim actions under the officer and director insurance policies. Personal finance protection need to be a main concern of a company no matter its size. When there is no director and officer insurance, this could then cause a firm some significant hardship. Take note that many Fortune 500 companies as well as big-sized corporations buy this specific insurance coverage in order to avoid lawsuits which could potentially place them out of business. The number of claims lodged against companies has significantly grown over the past years. Insurance companies are currently not seeing any stop to this specific trend. Mainly, a Director and Officer insurance is a specific coverage which needs to be separately acquired. General liability insurance does not at all give protection against any discrimination or harassment lawsuits. A big advantage to this specific insurance is that a lot of insurance agencies permit a company to choose their very own counsel. This is critical since a lot of companies have continuing decent relationships with litigation and corporate counsel. The ability to utilize a counsel which is extremely familiar with the practices of a company is highly likely to defend them in any lawsuit as they then have the knowledge which they acquired from doing previous business with such a company.
All in all, it is highly advisable that you acquire a Director and Officer Insurance especially if your company is large and if you employ a slew of employees. Doing so could save you tons of money in the long term.
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