Putting your best interests first, our commercial insurance brokers in Edmonton offer a wide range of customized business coverage for your unique needs. We are focused on supporting local businesses throughout Alberta and partner with many of the top Canadian insurers.
Drayden Insurance offers customized coverage for a wide range of industries and has experience with directors and officers policies. Whether you are on the board of directors for a large, multi-national operation or a smaller non-profit, we can provide D&O coverage that makes sense for you and your company. We encourage you to contact us to schedule an appointment with a licensed insurance broker.
What is Directors & Officers Insurance?
It is likely that the organization you serve is protected under its own insurance policy. But as in individual, you need to make sure your personal assets are safe in the event that a personal lawsuit is filed against you by an employee, client, competitor or others.
As a director or officer, you are expected to uphold and abide by certain standards, whether they are put in place by your organization or through provincial or federal regulations. When facing allegations that you did not uphold to certain standards, this type of insurance policy can cover the costs of legal defence fees and even settlements. Essentially, directors and officers insurance will give you peace of mind and the freedom to perform your duties to the best of your ability, knowing your financial well-being is not at risk.
There are many ways in which liabilities of directors and officers may arise, including the following:
- Allegations involving the breach of common law duties
- Breach of duties to shareholders
- Statutory liabilities due to breach of provincial or federal regulations
Do I Need D&O Coverage?
Officers and directors may be held responsible in cases alleging personal wrongdoing or even in the case of company bankruptcy. These situations may arise whether you are acting for a publicly-traded corporation or a smaller, private company. This means your personal assets could be at risk.
Non-profit organizations may also benefit from D&O coverage as they are not immune to litigation. While there are some charitable immunities laws, personal legal action can still be taken against board members. Non-profit groups may have limited resources to indemnify directors and officers or to take on expensive litigation. Having the right directors and officers liability coverage may be a critical part of your overall insurance coverage.
A customized D&O policy can also be important when attracting and retaining the most qualified directors and officers to your organization.
Consult with Our Commercial Insurance Brokers in Edmonton
Our insurance brokers in Edmonton are here for you. When it comes to specialized coverages such as directors and officers policies, we understand you have questions. We are here to answer them and serve you in an honest and fair manner while providing the exact coverage you and your company needs. We serve a wide range of commercial sectors and we look forward to assisting you. Give us a call or get a quote online to get started.