New York directors and officers liability insurance is another type of professional liability insurance that is specifically designed for the protection of the directors and officers of your business. In other words, it is a managerial errors and omissions policy. Although it is similar to errors and omissions insurance, D & O is not directly concerned with the products and services. D & O on the other hand, is concerned with the performances and duties of management.
D & O insurance in NY often includes employment practices liability and fiduciary liability. Employment practices liability protects employers in cases and claims made by an employee or former employee. This type of coverage generally deals with discrimination and harassment suits. Fiduciary liability includes claims against a business when a monetary discrepancy or mishandling occurs. In these cases, the directors and officers of a company are often held accountable.
If you have an assembled board of directors, New York D & O insurance is necessary for your business. Contact Hutchings Insurance for a free NY business evaluation and receive an insurance quote.