Being higher up the org chart brings an elevated degree of risk.
In recent years, a number of factors have increased the exposures directors and officers face, including greater federal oversight and a tougher regulatory landscape, increased whistleblower activity, and a litigious environment in which, for example, shareholders are suing boards of directors of large corporations in more than 90% of mergers and acquisition deals. What’s more, all types of companies and their executives are vulnerable to alleged wrongdoings, such as financial mismanagement, misappropriation of funds, and negligence. This includes public companies, private companies, educational institutions, non-profits, and associations, for example.
For more than 30 years, Martin Insurance Group has been providing businesses throughout New Jersey, Pennsylvania, and Connecticut, including companies in Mercer, Middlesex, Monmouth, and Ocean Counties, as well as Bucks County, PA with our expertise in creating broad and comprehensive commercial insurance specific to our clients’ needs. An important component of our programs includes directors and officers (D&O) insurance to help safeguard the executives and management who pilot the business.
The many sides of directors and officer coverage.
When securing a D&O policy for your firm, our staff will examine your bylaws, organizational structure, and activities with you to determine the best options in D&O coverage for your leadership. There are many types of policies available, each responding to a different need. Side A coverage insures individual directors and officers to protect their personal assets. Side B coverage reimburses the company for costs incurred when the company indemnifies directors and officers in a claim. Side C coverage protects the company itself when it is named as a defendant in a claim.
Directors and officers insurance will typically cover legal fees, settlements, and some damages. Generally, the policy covers your leadership for errors, negligence, and failures to comply with regulations with regard to company finances or operations in a broad sense. Some policies will also help pay for investigative costs. Additionally, we can provide private companies with a policy that offers an unlimited extended reporting period for former directors and officers, and full entity coverage, among many other features. For non-profits, we offer a policy with a lifetime occurrence reporting provision for former directors and officers.
There are a number of ways to design a D&O insurance program, with combinations of policies that maximize protection and minimize gaps. The staff at Martin will discuss with you the details of each and help you navigate through the complexities.
Call now to speak with a representative about D&O insurance. Martin has the experience and expertise to protect you and your business. We invite you to find out more about the difference we can make in insuring what’s important to you. Please click here for a quote or give us a call at 800.353.5000.
Q. Why do I need D&O insurance?
A. If you own or are thinking about starting a business, having insurance coverage should be one of your top priorities — right after incorporation and a business plan.
Without specialized business coverage like D&O insurance, everything you put into a company could easily be wiped out with one accident, lawsuit, or other unplanned hardship. Martin Insurance Group can help you assess your needs and get the right business insurance for your organization. Whether it’s as simple as a BOP (business owners policy), specialized coverage like D&O insurance, or even a cyber liability policy, we can help.
Q. Why should I buy D&O insurance from you?
A. Martin Insurance Group works with hundreds of New Jersey, Pennsylvania, and Connecticut businesses of all sizes, in a diverse range of industries. Chances are we have helped insure businesses ...READ MORE similar to yours before, so we know the ins and outs of your industry. What’s more, we have been selling insurance since 1983 and are a stable company you can trust.
Here are some additional reasons customers trust us for their commercial insurance needs:
We could save you money.
As an independent insurance agent, Martin isn’t tied down to one solution. We can compare policies and pricing on coverage such as general liability, workers compensation, and contractors insurance from a variety of providers and help you choose the one that’s right for your business’ unique needs.
We might even recommend one business insurance provider for part of your coverage, and another for other coverage – whatever makes the most sense.
We stay on top of the paperwork.
With all that you have going on, it’s easy to forget to file or renew coverage. So Martin has developed quality control systems that ensure your commercial insurance records are current. We’ll even help you through the auditing process. No more scrambling to meet dates or find certificates – your Martin team will make sure you are on the ball and in compliance.
Q. I already have D&O insurance. How do I know if it’s the right type or amount?
A. If you already have some form of management liability insurance, but are not sure if it is the right type or amount of coverage, schedule a no-obligation review of your existing policies.
Our experienced team is generally able to identify gaps in coverage or opportunities to save money. Contact Martin today to schedule a complimentary review.