Are you currently serving on a board for an organization in Whitecourt? Then you may want to consider getting a Directors and Officers liability policy. As an important decision maker who oversees the direction of your organization, your actions and choices may be questioned and you could personally be held liable. A Directors and Officers policy is your best protection and peace of mind so you can focus on the work ahead. Speak to one of our brokers about your coverage options today!
Whenever you’re elected onto a board, your decisions and actions play a key role in the organization’s direction, goals and growth. Unfortunately, it is precisely those actions that may be called into question for wrongful doing and you may find yourself facing a lawsuit. You could be left owing thousands in legal fees, and you could even be putting your personal assets (such as your home) at risk. To help cover costs and damages, there’s Directors and Officers insurance.
If you’re on a board making decisions for an organization, then you are eligible for directors and officers insurance. As a key decision-maker, you could be at risk of legal action from vendors, stakeholders, clients, employees, creditors and more.
Directors and officers liability insurance covers a variety of risks including:
Various shareholder actions
Decisions exceeding the authority granted to the board member
Reporting erroneous material
Employment practices & HR issues
Failure to comply with regulations or laws
Inaccurate disclosure (such as profitability, for instance)
What is not covered?
Criminal, fraudulent, or intentional non-compliant acts.