Under some circumstances, officers and directors of a corporation may become personally liable for their actions on behalf of the company. This type of policy covers this liability.   Directors and Officers Liability Insurance provides financial protection for the directors and officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company. Think of Directors and Officers Insurance as a management Errors and Omissions policy.

Directors & Officers Liability Insurance can usually include Employment Practices Liability and sometimes Fiduciary Liability. The former involves harassment and discrimination suits, and is where the majority of your exposure will be.

Directors and Officers Insurance is often confused with Errors & Omissions Liability. The two are not synonymous; Errors & Omissions is concerned with performance failures and negligence with respect to your products and services, not the performance and duties of management. Generally it is a good idea to carry both Directors and Officers Liability Insurance and Errors and Omissions Liability Insurance.

When do I need Directors & Officers Insurance?

You need Directors and Officers Liability insurance when you assemble a board of directors. They will frequently make the requirement.

Investors, especially Venture Capitalists, will also usually require that you show evidence of Directors & Officers Liability insurance as part of the conditions of funding your company.

Why do I need Directors and Officers Liability Insurance?

First, you need Directors & Officers Insurance because claims from stockholders, employees, and clients will be made against the company, AND against the directors of the company. Since a director can be held personally responsible for acts of the company, most directors and officers will demand to be protected rather than put their personal assets at stake.

Secondly, you need Directors and Officers Insurance because: Investors and members of your board of directors will not be willing to risk their personal assets to serve as a corporate director or officer, no matter how heartfelt their belief in your company.

Lastly, employment practices suits constitute the single largest area of claim activity under D&O policies. Over 50% of D&O claims are employment practices related.

General Information:

 
1.  *First Name:  
2.  *Last Name:  
3.  *Phone:  
4.  *Email:  
5.  Address:  
6.  Address:  
7.  City:  
8.  *State:  
9.  *Zip Code:  
9.  County:  
The following questions concern the type of business insurance coverage you are requesting . Please answer them as accurately as possible.
1) Description of the business:
2) What type of entity is your company?
3) Please indicate the state in which your business is located:
4) What is the date of incorporation?
MM/YY
5) Please indicate your total number of full-time employees:
(If Sole Proprietor enter 1)
6) Please indicate your total number of part-time employees:
(If none please enter 0)
7) Please indicate your total annual revenue:
8) Do you currently have business insurance? Yes No
9) If you are currently insured, please select your current insurance carrier:
10) If your provider is not listed above, please provide the company name here:
11) How many years have you had coverage with this company?
12) How many years have you had continuous coverage (With no lapse)?
13) If you do not have coverage please indicate when you would like a policy to go into effect:
14) What is the business address?
15) City:
16) State:
17) Zip code:
18) Do you own or lease this location? Own Lease
19) What hours are you open for? TO
20) Is your business open on weekends or do you or any employees work in the office over the weekend? Yes No
21) Indicate the liability amount you need:
22) How much of a deductible do you want your policy to include:
23) Please check off any additional coverage's/riders you want your new policy to include:
Fire Insurance
Miscellaneous Professional Liability
Employee Dishonesty
Product Liability Insurance
 		 Business Interruption Insurance
Hazard Insurance
Excess Insurance Policy
Manufacturers and Contractors Liability (M&C)
 
24) In the past five years, have you been a party to any lawsuits or filed any claims? Yes No
25) If you answered yes, were those claims:
Please complete the questionnaire, and we'll begin our search for the most suitable disability insurance policy for your business.
26) Best Time To Contact:
27) Additional Comments:
Please provide any additional information you feel is pertinent to the insurance coverage you need.

 
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