There are liability risks with almost every job level, and the management team at your company is no exception. To make sure that they are covered, you need a solid D&O policy.
Knowing Your Needs
When managing D&O risk, it’s important to know what it covers. D&O claims center on errors allegedly committed by members of management:
- Misrepresentation of policies
- Failure to fulfill fiduciary responsibilities
- Conflicts of interest
- Mishandling of personnel complaints
As with any type of liability, D&O insurance can compensate for legal fees and court costs in the particular situations and for the specific people covered by the policy.
Choosing a Policy
Any time you’re going to pay a premium, you should know what that premium covers. If your D&O policy excludes a lot of situations that your management team is likely to encounter, it’s probably not a policy that works well for you. Talk to qualified specialists who understand the ins and outs of this type of coverage. They can assist with managing D&O risk by finding the right policy for you.
Protecting the people who have the most responsibility in your business is an important part of protecting the business itself. Make sure the D&O coverage you chose offers the protection you need.