Don’t let a lawsuit ruin your reputation and your business. Protect yourself and your company with Directors and Officers liability insurance.
You deserve an insurance partner who understands your industry and your risks. You don’t have time to waste on confusing policies and hidden fees. You need a simple, affordable, and reliable solution that covers you in any situation.
Lead with confidence and integrity with D&O liability insurance.
As a board member of a non-profit or a commercial business, you are responsible for making important decisions. But what if someone sues you for your actions or inactions? D&O Liability Insurance protects you from personal losses and helps your organization with legal costs. It’s a vital coverage that lets you lead with confidence and integrity.
But as a non-profit leader, you face the same legal risks as a for-profit one. You can be sued for financial mismanagement, policy violations, or other errors in judgment. D&O Liability Insurance covers these scenarios and shields you from personal liability. It’s essential for non-profits, especially since they often lack legal resources and operate under different regulations than for-profit businesses.
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FAQ
Common Questions and Answers About Your D&O Policy Options
What's the difference between a director and an officer?
A director is a member of the board of directors for a for-profit or non-profit entity. The board is responsible for establishing policies, overseeing operations, and making major governance decisions that affect the organization.
An officer is a high-ranking executive appointed by the board, like a CEO, CFO or COO. Officers are responsible for day-to-day leadership and oversight to execute on the board's strategy and vision for the organization.
I'm a board member of a non-profit organization. Should I have my own insurance?
Yes, it is highly recommended for all non-profit board members to be covered under a Directors & Officers (D&O) liability insurance policy. Without this coverage, you and even your spouse run the risk of personal liability for lawsuits alleging wrongful acts on the board.
Potential lawsuits could come from event attendees, employees, donors, clients/members, government agencies, and other stakeholders affected by board-level decisions. Common allegation issues include
- discrimination,
- harassment,
- wrongful termination,
- misuse of funds, and
- errors/omissions in governance
Is a D&O policy expensive?
D&O insurance costs will vary based on factors like the organization’s size, revenue, and number of board members. For small nonprofits, coverage often costs $500–$1,500 per year for around $1 million in coverage limits. Larger nonprofits may pay over $5,000 annually. While costs can add up for robust protection given potential liability risks, many organizations cover premiums via operating budgets rather than charging individual board members.
D&O Liability Insurance is essential for commercial and non-profit leaders.
While D&O Liability Insurance covers your liabilities from errors in decision-making, it doesn’t cover criminal acts or decisions made for personal gain. Policy specifics, such as the coverage period and extent of indemnification, can vary depending on your organization. That’s why you need a trusted insurance partner who can help you find the best coverage tailored to your specific business risks.
D&O Liability Insurance is also a great way to attract and retain skilled professionals to join your non-profit board. Many people are reluctant to serve on non-profit boards because they fear personal liability for their honest mistakes. D&O Liability Insurance assures them that they are protected and supported by your organization. It also shows them that you value their expertise and contribution to your non-profit’s success.
Whether you run a commercial or non-profit business, the Horan agency is here for you. We’re a local CNY agency that has been serving businesses of all sizes since 2009. To have one of our insurance specialists explain your policy options, fill out the form. We’re looking forward to hearing from you.