Do You Need D&O Liability Business Insurance?
August 5, 2015
Understanding Austin, TX D&O Insurance
People often think that if their business is not publicly traded, they do not need to worry about insuring directors and officers. In fact, though, business of every size, both public and private, regularly face litigation against their directors and officers.
If you want to protect your directors and officers, you should seriously consider carrying Austin, TX D&O liability insurance.
What, exactly, is D&O liability insurance? Short for directors and officers, D&O coverage will step in to protect your directors or officers if they are personally sued in a case relating back to your business. It does not matter if they are sued by your competitors, vendors, investors, or employees; D&O liability insurance will be there to protect them against the legal fees and settlement.
With D&O insurance, you make it possible for dedicated individuals to become involved in guiding your business without exposing their personal assets to risk. In fact, it is not uncommon for individuals to require that a business carry this type of coverage before they accept a position as an officer or a director.
D&O liability insurance will protect your directors and officers against lawsuits related to fraud, legal compliance issues in the workplace, misuse of company funds, and, in some cases, problematic employment practices. In short, this type of policy offers far-reaching protection for your officers and directors, freeing them up to focus on guiding your company.
The type of D&O liability coverage you will need will depend on your business’s specifics. To connect with an agency who will take the time to understand them and tailor the right policy for your needs, contact Central Insurance Agency. With over 50 years of experience providing Austin, TX business insurance behind us, we are ready to cover your Texas business today!