DIRECTORS AND OFFICERS INSURANCE IN WORCESTER, MA

Having insurance coverage for conflicts of interest, gross negligence and unlawful acts doesn’t give a leader license to act improperly. A policy may provide financial help if a leader is accused of one of these issues, but financial consequences are just some of the potential consequences that a leader who is guilty of any of these may face.

Who is Directors and Officers Insurance For?

Anyone who leads a nonprofit, business, or other organization in Worcester, MA may benefit from having directors and officers insurance. Here are just a few examples of people who might want to consider getting a policy:

• C-level executives of companies
• Presidents and vice presidents of businesses
• Chairs and board members of nonprofits
• Other high-level leaders whose decisions have major impacts on their organizations

Who Pays Directors and Officers Liability Insurance Policies’ Premiums?

Even though directors and officers liability insurance policies provide protection for individual leaders, the organizations that they lead are in charge of frequently paying policies’ premiums. This is because the risks these policies protect against come from leading an organization. If leaders didn’t lead an organization, they likely wouldn’t need the coverages that directors and officers liability coverage provides.

How Much Directors and Officers Coverage Should a Worcester, MA Organization Get?

There’s no one set amount of directors and officers liability insurance that organizations should get. How much coverage a nonprofit or business ought to obtain for a leader depends on the leader’s risk exposure, how much a problem would cost in legal fees and settlements, and many other factors.

For help determining how much coverage they need, nonprofits and businesses ought to talk with both an attorney and an insurance agent. An attorney can help explain how much a potential accusation might cost in legal fees, fines, and settlements, and an insurance agent can explain how much coverage for these potential costs would be.

After talking with an attorney and agent, many Massachusetts organizations end up purchasing policies that have limits in the millions. This is because organizations learn just how expensive a potential claim can be, but they also find out how affordable coverage can be. In many cases, policies with high limits are available at comparably low rates.

How Can Organizations in Worcester, MA Get Quotes for Directors and Officers Insurance?

An independent insurance agent can help nonprofits and businesses in Worcester, MA request multiple quotes for directors and officers insurance policies. Since independent agents aren’t obligated to work with any one insurer, they can request quotes from many insurance companies that offer directors and officers policies in Massachusetts. They also help ensure that the policy a nonprofit or business ultimately selects meets the organization’s needs.