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Directors' and officers' liability insurance ? also known as D&O insurance ? covers the cost of compensation claims made against your business's directors and key managers (officers) for alleged wrongful acts.
Directors & officers insurance (D&O) is liability insurance that covers the directors and officers of the company against lawsuits alleging a breach of fiduciary duty. A company pays for this coverage so executives can serve confidently as leaders of their organization without fear of personal financial loss.
Directors and officers (D&O) liability insurance protects the personal assets of corporate directors and officers, and their spouses, in the event they are personally sued by employees, vendors, competitors, investors, customers, or other parties, for actual or alleged wrongful acts in managing a company.
However, D&O is a product designed to protect the personal assets of company directors and officers in the event they were sued while acting in their capacity as a director or officer. Management liability protects the company as well as its directors and officers against legal liabilities and statutory obligations.
Further, officers and directors who participate in or authorize the commission of wrongful acts that are prohibited by statute, even if the acts are done on behalf of the corporation, may be held personally liable. Officers and directors may also be liable to the corporation or its shareholders.
Some states require a business owners to have E&O insurance in order to conduct business, such as in the case of physicians. Management liability, as its name says, covers the business's management, not all of its employees.
D&O insurance typically covers legal fees, settlements, and financial losses when the insured is held liable. Common allegations covered include breaches of fiduciary duty, failure to comply with regulations, lack of corporate governance, creditor claims, and reporting errors.
Public Liability insurance policies, on the other hand, specifically exclude claims for professional advice or duty. Management Liability insurance protects businesses for breaches at management level or mismanagement but will often include additional cover such as for financial crimes committed against the business.