Even the highest positions in your business can benefit from a board of directors insurance policy Houston, TX. Also called Directors & Officers (D&O) Insurance, this type of insurance can protect your high-level managers from any lawsuits and claims made against them. Prevent the worst from happening to your most trusted advisors with the right insurance plan. Texas Insurance Agency can help you find what’s best for you today.
How can Texas Insurance Agency help?
We’re an experienced team of insurance brokers that partnered with local and major insurance companies to provide our clients with all the affordable options they need to succeed. We can assist you in a number of ways:
- Comprehensive Coverage Analysis
- Tailored Solutions
- Expert Guidance
- Ongoing Support
- Competitive Pricing
- Risk Management Consultation
Texas Insurance Agency can help you get a board of directors insurance policy that will protect your board members and your company from possible legal problems. If you’re looking for a team to find you the best insurance deals, we’re the one. Contact us today to schedule a meeting to assess your business’s risks and assets to get the best insurance coverage your business needs.
It’s always better to have insurance, even if you don’t end up using it. Insurance protects against that “what if” factor that comes with running a business. You’ll want to be safe rather than sorry when something hits you out of left field. Get in touch with our agency today, and you can get started with a free quote to see how affordable our rates are.
What is a Board of Directors Insurance Policy Houston, TX?
A Board of Directors Insurance Policy, also called Directors and Officers (D&O) Insurance, protects the directors and officers of a company financially in case they are sued while doing their jobs for the company. Legal fees and damages like attorney fees, court costs, settlements, and judgments can be covered by this insurance coverage. It’s possible that the insurance will also cover the company itself.
It’s meant to cover situations where cases might happen because the directors and officers are accused of doing something wrong, leaving something out, breaching their duty, making false statements, or misrepresenting facts. The insurance doesn’t cover doing something wrong on purpose or breaking the law. You’ll want to read through the details to see what your specific policy covers before a claim comes in.
To defend against these kinds of claims and lawsuits, it can protect the personal assets of directors and officers as well as the company’s finances. This strategy is especially helpful for businesses with a board of directors because it protects the people who serve on the board. A board of directors insurance policy will keep them from paying for any damages out of their own pocket.
What a Board of Directors Insurance Policy Covers
All insurance policies, in one way or another, provide protection against different types of risks. Each policy is tailored to address a unique kind of risk, and a D&O policy is no different. A Board of Directors Insurance Policy usually protects against the following:
- Legal fees: This insurance helps pay for the defense of the company’s board of directors and officers in cases and claims made against them.
- Settlements and judges’ decisions: This policy can help pay for settlements and judges’ decisions if a board member is found to be responsible.
- Penalties and fines: Some policies may cover penalties and fines that the directors and officers may have to pay, depending on the outcome of the claim.
- Costs of the investigation: If the company or its leaders are officially investigated, the insurance may pay for the costs.
- Personal liability: D&O insurance can protect directors and officers if they have to pay for damage out of their own pockets.
- Other costs: It can cover other costs, like things like public relations fees and other costs that come up with any related cases or claims.
Keep in mind that the exact benefits you get may depend on the details of your insurance policy. It is very important to read your policy carefully and, if needed, talk to someone who works in insurance to fully understand it. You may also want to check out other types of insurance. After all, a board of directors insurance policy will only cover specific parts of your business, so you’ll want others to provide all-around coverage.
Other Types of Related Insurance Coverage
First, there is Professional Liability Insurance (PLI), which is also called Errors and Omissions Insurance. This type of insurance protects professionals from being sued by their clients for carelessness and mistakes or omissions that hurt them. For example, if you run a consultation office or work with designs, you’ll need this type of policy.
Another likely insurance policy you’ll need is Employment Practices Liability Insurance (EPLI). This insurance protects you from claims made by employees that you discriminated against them, fired them unfairly, harassed them, or did something else at work that was wrong.
A third likely plan is Commercial General Liability Insurance (CGL). This is a broad type of insurance that covers general business risks for liability. No business can operate without this type of coverage because it covers the basics of the basics. Without this, your business might take a financial dip because of a lawsuit from a client or third party.
Let’s Get You What You Need Today
Texas Insurance Agency is an experienced business insurance brokerage. Call our office today to learn more about what insurance options are available to you. Our Houston office will show you that we’re always on top of our game.
A board of directors insurance policy isn’t the only type of insurance policy you’ll need to protect your business. Our agents can tell you what else you’ll need to ensure your business is protected from all angles. Get in touch and get a free quote to see what rates we offer for your board of directors insurance policy.
Houston, Texas Fun Facts:
- Houston is the 4th most populous city in the country.
- It falls behind NYC, LA, and Chicago.
- However, it also has one of the most diverse communities that speak over 145 languages.