Are you trying to find Houston TX D&O insurance? If you are, then you’re on the right track. We at Texas Insurance Agency will help you. Our firm acts as a broker. We get you the right insurance plan. First, that comes with the right advice. Afterward, we tailor your plan for you. You can also expect us to go over any insurance. There is a lot to unpack. But we can simplify it for you. At this stage, we can help with anything. That could be your home and auto. It can also be your business.
Houston TX D&O insurance
Our firm specializes in business insurance. That can cover a wide arrangement of topics. That can go from commercial property to general liability. Moreover, you can get help on both personal and business needs. We recommend business owner’s policy as something that can help. Henceforth, to get in touch with us, give us a call. You can also visit our location in Katy or Pearland. Our company caters to many people in Houston. And also, around the city. That includes Fulshear and Cinco Ranch. We also help Fort Bend County as well. Please shoot us an email!
Directors & officers insurance
D&O insurance means directors & officers insurance. That concerns any board members in the company. However, it can include any corporate official. This insurance is for the board of directors, too. You can think of this as for-profit organizations. This insurance covers financial losses. Those losses deal with management. In particular, the actions of the directors & officers. In essence, this insurance protects against lawsuits. Complaints could come from their actions. Namely, that could be the actions of the directors & officers. These actions could be criminal or negligent of duty.
We can help you with insurance for your board members!
There are three types of coverage. Side A deals with the naming of people in the suit. Side B deals with reimbursements of legal costs. And finally, Side C protects the company as a co-defendant. This would be the case during litigation. Furthermore, there are requirements to get this insurance. First, you have to appease underwriters. The underwriters are financial institutions that take on the liability. Underwriters can banks or insurance companies. They require owner breakdown, financial statements, and investor identity. In the end, that means more paperwork to present.
What is Covered and Not
Your Houston D&O insurance covers a ton of things. That includes theft of intellectual property. In addition, it protects against misuse of funds. That includes company assets, too. Any breach of duty in finance is under protection as well. In the end, this insurance provides a cover for bankruptcy. Lack of corporate governance falls under this, too.
There are some things your D&O insurance does not cover
On the other hand, there are some things it does not cover. It does not cover fraud. Or any criminal activity. Also, the insurance does not cover past or current litigation. Also, you can forget about personal profits. And also, any illegal compensation. Furthermore, this insurance does not cover injury or property damage. For that, you’ll need other insurance. Additionally, the policy has limits. That would be for the defense costs. That goes under “shrinking limits provisions.”
Management liability insurance
Your Houston D&O insurance has its limits. A lot of times, a big company can afford it. But you will need other insurance. This insurance could be for management. Management liability is a broad umbrella. It includes D&O and other things. There is a lot of risk for business owners. This extends to people in charge. Mistakes can happen as well. This insurance covers directors and officers.
Employment practices insurance
Employment practices are for the employees. Again, this protects the company. Furthermore, lawsuits can come from discrimination or harassment. This provides the company with a layer of protection. Employment practices deal with any employee. Henceforth, they could be current, former, or prospective. A lot of times, complaints happen from the workplace. It could be female officers who are victims of harassment. Complaints can also be because of wrongful termination. This insurance provides the legal costs. These complaints can go to court.
Fiduciary Insurance
This type of insurance is for employee benefits. This can be a touchy subject. This includes retirement plans. You’ll have to deal with ERISA. ERISA is Employee Retirement Income Safety Act. If you’re in charge of employee benefits, you have to be careful. Any mismanagement of that is a bad thing.
Kidnap & Ransom Insurance
As a business leader, you can be a target. Your role means you have money. That can cause bad people to come after you. Sometimes, you can be a target for ransom. That’s why companies have this insurance. Sometimes, you can be sent to high-risk areas. This insurance also protects against extortion too. The amount of money can be large in that situation. Kidnappers may require a lot. Usually, companies have millions of dollars to spare.
Exclusions in Insurance
There are some exceptions to management insurance. For instance, D&O excludes criminal actions. Employment practices exclude dishonest actions. This can also be a violation of compliance regulations. Also, there’s no protection for insured vs. insured lawsuits. Property damage and injury are exceptions. You will need workmen’s comp and other liability insurance for other things. Those things could get your property insurance. And also, it could be your commercial auto insurance. In the end, make sure to get with your insurer on the exceptions.
Please consult with us!
When it comes to your insurance, you’ll need any help you can get. We can consult with you on what you need. You can email us at info@texinsagency.com. Our company also books appointments when you need them. We are open 8 to 5 each day, Monday through Friday. On Saturday and Sunday, it’s by appointment only. You can count on us as independent insurance agents. That means we have you in mind. No matter what, we got your back. You can use our services for personal or business use. Lucky for you, we partner with the right people to help. We have over 40 years of experience. When it concerns your Houston TX D&O insurance, you can count on us to help you!
Texas Insurance Agency is here for you!
Fun Facts about Houston, TX
- Houston began as a city in 1836.
- An average of 45 inches of rain hits the city every year.
- Houston has the most population of a city in Texas.
- The Houston Astros were World Series winners in 2017.
- If you want to learn about Houston, visit the website.
