If you are a director or officer, it is important to have your own coverage that can protect you in case of a situation that occurs at work. Here are a few ways d&o coverage can help you.
Protection If You Get Sued
If you get sued, it can cost you a lot of money out of pocket when you don’t have insurance. By having d&o protection in your insurance policy, you can avoid these problems and remain safe. This type of insurance can also protect the company as well, according to Axis Insurance.
Covered When You Go to Court
In the event you need to go to court, your d&o policy can cover legal fees and even payments for settlements and losses. This can save you money in the long run, while protecting both your personal finances and your professional reputation. Having the coverage you need is necessary should an instance like this occur.
If you are a director or officer, it is important to understand how you could get sued and why you need to have the right type of insurance protection. Having d&o coverage can save you money and help you if you ever find yourself in the courtroom. Getting an insurance policy is important no matter what work you do within your company.