Directors and Officers Liability (D&O) insurance

What is Directors and Officers Liability (D&O) Insurance?

Directors and Officers (D&O) Liability Insurance is designed to protect the personal assets of directors, officers, and other high-level decision-makers within an organization. In the context of the senior living and healthcare industries, this insurance plays a critical role in shielding these individuals from potential financial losses arising from claims related to their decisions and actions made in their professional capacity.

Who needs Directors and Officers Liability (D&O) Insurance Insurance?

Organizations serving the senior living and healthcare industries, including nursing homes, assisted living facilities, memory care facilities, hospitals, outpatient clinics, and medical practices, should consider obtaining D&O insurance. These industries face unique regulatory and operational challenges, making it crucial for directors and officers to be protected against potential claims resulting from their decisions and actions.

D&O insurance isparticularly important for non-profit organizations, as their board members often serve in a voluntary capacity and may not have the personal resources to cover potential financial losses arising from legal claims.

How Much Does Directors and Officers Liability (D&O) Insurance Cost?

The cost of D&O insurance depends on several factors, including the size and type of organization, the industry, the organization’s financial stability, the specific risks involved, and the amount of coverage needed. Additionally, the insurer’s claims history, the desired policy limits, and the presence of any risk management practices can also influence the premium.

To determine the appropriate coverage amount and the cost of D&O insurance, organizations serving the senior living and healthcare industries should work with an experienced insurance agent. The agent can assess the organization’s unique risks, help select suitable policy limits, and provide quotes from multiple insurance carriers to ensure the best coverage at a competitive price.

Contact Michael Richards below for assistance with Directors and Officers Liability (D&O) Insurance coverage

How do I get Directors and Officers Liability (D&O) Insurance cover?

Fill out the form below and contact Westwood. We’ll pass your information to one of our agents in your area. Our agent will be able to advise you of the best coverage for your business and help you put together an application that will prevent you overpaying premiums.

We look forward to working with you.