Calgary Directors’ & Officers’ Insurance
Making the right decisions for your business can be challenging; you’re trying to juggle the best interests of the company with a range of competing factors. Due to an error in judgment, one decision can have far-reaching effects on a company.
These mistakes can go beyond financial repercussions—they can also impact your employees, stakeholders, and clients in Calgary.
If corporate leaders at your company ever face a lawsuit, this insurance policy will provide coverage and reimbursement. This coverage is intended for businesses of all types and sizes, including public corporations, private companies, and non-profit organizations.
What Is Directors’ & Officers’ Liability Insurance?
You’ve appointed a board of directors and officers to make important decisions for your business. These decisions affect the success of your company, your stakeholders, and your clients. As experienced and knowledgeable as your executives are, they’re only human, and humans can make mistakes.
If a board member is accused of a wrongful act, it may result in a lawsuit. Competitors, creditors, employees, and government/regulatory authorities can make a claim against your business. Legal fees can put your personal assets at risk.
At Westland Insurance, we know how complicated insurance can be. We aim to simplify the process so that it’s easy to find the coverage you need. Once we get to know your business, we can recommend a policy based on your interests.
What Does D&O Liability Insurance Cover?
You might be wondering what sorts of claims are covered by directors’ and officers’ insurance. Here’s what you can expect from your policy:
- Costs for administrative and regulatory proceedings, inquiries, investigations, or commissions
- Alleged breach of duty, legal violations, and unfair practices
- Claims for financial mismanagement, insolvency, unpaid wages/taxes, bad debts, and inaccurate disclosure to the government
- Conflicts of interest
- Employment practices
- Claims such as wrongful dismissal, inadequate supervision, hiring decisions, failure to supervise/promote employees, discrimination, and/or harassment
The coverage offered by this policy is extensive. However, directors’ and officers’ liability insurance does not cover intentional non-compliant acts or criminal activity.
How Much Does Directors’ & Officers’ Liability Insurance Cost?
Your rates will vary based on which insurance company you choose and the industry of your business. Other factors that affect the cost of your insurance include:
- Claims history
- Number of employees
- Revenue
- Industry experience
- Is your company private or public?
What Insurance Do I Need as a Director?
We strongly recommend a comprehensive directors’ and officers’ liability policy for any growing organization. If you already have business insurance, you might wonder if you also need D&O coverage. Directors’ and officers’ liability insurance goes beyond standard business liability coverage. This specialized coverage fills in the gaps of a general policy.
Does a Director of a Company Need Insurance?
You wouldn’t drive a car or own a house without insurance. That’s why we recommend that anyone who directs a company does so with insurance. Otherwise, you could be on the hook for legal fees related to allegations of:
- Breach of duties
- Failure to comply with laws and regulations
- Improper governance
- Workplace safety issues
- Environmental claims
- Financial and credit liabilities
Your business is a valuable asset; protect your investment for years to come with a comprehensive insurance policy.
Request an Insurance Quote Today!
From small businesses to large corporations, companies of all sizes can benefit from directors’ and officers’ liability insurance. At Westland Insurance, we can connect you with an advisor nearest you. Our services are available at the following locations:
To request your insurance quote, contact us today!
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Whether you’re looking for insurance for your first home or wanting to discuss your existing policy, our team is ready to help. Connect with us today.
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