Directors & Officers Liability Insurance.
Directors and Officers (D&O) liability insurance covers directors and officers or their company or organization if sued.
What is Directors & Officers Insurance?
Directors & Officers (D&O) Liability Insurance covers the costs associated with indemnification, losses or legal defence against an individual who serves as a director or officer for the board of a corporation, whether it’s for-profit or non-profit, public or private.
This type of insurance can help to protect individuals from personal financial losses in the event that they are sued for wrongful decisions or actions that they have taken while in their corporate roles. D&O insurance can also provide coverage for legal expenses, which can be a significant financial burden for individuals who are facing lawsuits. While D&O insurance is not required by law, it can be an important way for companies to protect their directors and officers from personal financial ruin.
Directors and officers can be liable for alleged actions such as breach of common law duties, negligence in their duties, breach of their fiduciary responsibility to shareholders or violation of provincial or federal laws.
Why choose Summit?
We help Canadian Business Owners craft the perfect insurance policy for their business.
Our team takes pride in our relentless responsiveness. When you need us, we're here.
We compare rates across leading insurance companies to ensure you get the best price on your premium.
We craft the perfect insurance policy for your business so you can rest easy knowing you're covered.
Your dedicated account manager is there for you as your business grows ensuring your insurance policy grows with you
The right insurance plan for every business.
Here are a few of the industries we serve.
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Ecomm, Retail & Wholesale
Amazon resellers, to coffee shops, large product wholesalers and more..
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Directors & Officers (D&O) Liability FAQs
Business Insurance can be complicated. We're here to help.
Directors & Officers (D&O) Liability Insurance covers the costs associated with indemnification, losses or legal defence against an individual who serves as a director or officer for the board of a corporation, whether it’s for-profit or non-profit, public or private.
Directors and officers can be liable for alleged actions such as breach of common law duties, negligence in their duties, breach of their fiduciary responsibility to shareholders or violation of provincial or federal laws.
Any organization governed by a board of directors, from non-profits to commercial enterprises, needs comprehensive D&O coverage, as the individuals who serve are increasingly held accountable for their actions and/or inactions.
Directors & Officers Insurance, also known as Management Liability Insurance, provides financial protection to the directors and officers of a company should they be personally named in a claim or lawsuit.
D&O Insurance typically includes coverage for:
Breach of legal or fiduciary duties
Decisions that result in adverse financial consequences for shareholders
Allegations of misrepresentation and negligent acts
Wrongful dismissals and employee discrimination claims
Misleading statements, reporting issues, or inaccurate disclosure
Failure to adhere to provincial and federal laws and regulations.
It also provides financial coverage for legal expenses incurred defending these members of your business.
The cost of Directors & Officers Insurance will vary based on risk factors such as organization type and industry.
The following factors are typically taken into consideration when determining the cost of your premium:
Organization Type and Size
Training and Experience
Number of Employees
Annual and Projected Revenue
Past Claims History
Quality Control Procedures