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Directors and Officers Liability Insurance in PA

Business owners need Directors and Officers Liability Insurance

What Is Directors and Officers Liability Insurance?

Directors and Officers Liability insurance provides financial protection for the directors and officers of a company in the event they are sued. Lawsuits will generally be brought in response to a failure of directors or officers to perform their duties as they relate to the company or a non-profit board.

Directors & Officers Liability insurance may include Employment Practices Liability and Fiduciary Liability. Employment Practices Liability is perhaps the most important of the two since it helps protect you from harassment and discrimination suits.

Why Do I Need It?

First, you need Directors & Officers Insurance due to the fact that claims from stockbrokers, employees, and clients will be made against the company as well as 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 risk.

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

Also having employees opens management up to employment practices lawsuits – which usually can be covered under Directors & Officers insurance.