Directors and Officers Insurance
D&O insurance for management in Minnesota.
Does your company or non-profit have a board of directors or a group of officers heading up management? If so, it's time to consider directors and officers insurance, more commonly known as D&O.
Your general liability or umbrella policies will not usually work for management liability lawsuits - this is where D&O insurance comes in handy. Directors and officers of companies, big or small, need insurance to cover them in the event that they are sued by employees, investors, customers and other individuals they may do business with. Many times the lawsuit will come in addition to the company being sued, except when directors and officers are sued, their personal assets can be put on the line.
If investors are looking in to funding your business, it is a good idea to purchase D&O insurance sooner rather than later. Many investors will specifically ask that you have directors and officers insurance before they even consider giving you a dollar of their money. Additionally, if you are planning to hire any officers or form a board of directors soon, many of them will be smart enough to ask you to provide D&O insurance. It's a matter of being proactive and showing that you are willing to take the necessary precautions to protect your business and employees.
One lawsuit from a disgruntled employee can make or break your business. Don't let your company fold because you did not think to plan ahead and purchase D&O insurance. Contact Preferred Insurance Services today at 877-410-3144 or fill out our online contact form. We will speak with you about your options for directors and officers insurance in Minnesota and provide you with a free, no obligation quote.