New England Area Directors and Officers Insurance (D&O)
When you volunteer or are appointed to a board of directors for an animal shelter or other organization, the last thing you may consider is the risk you could encounter doing something that is important to you. That is where Gallant Insurance and L.F. Robbins Insurance can help you understand directors and officers insurance (D&O). It’s a type of non-profit insurance that you should know more about.
What Is Directors and Officers Insurance (D&O)?
Commercial businesses and non-profits need insurance, including D&O insurance. It protects board members, officers, volunteers and staff from wrong decisions and wrongful acts, either perceived or actual. Sometimes a board makes a decision that is considered wrong by others; the lawsuit-friendly climate encourages those who feel wronged to hold someone else accountable. Directors and officers insurance (D&O) will protect you in these situations; many organizations now offer the coverage as more the rule than the exception.
D&O covers acts or omissions, errors, misleading statements, neglect or duty breaches. For example, if a non-profit organization fails to provide services, individual board members would be protected by the directors and officers insurance policy. It may also protect against mismanagement of assets and such employment-related concerns as harassment, discrimination and wrongful termination.
Most directors and officers (D&O) insurance policies include the legal defense costs of defending a claim. There will most likely be attorney fees and other legal expenses associated with a claim. It’s important to consider the potential for legal costs when determining the amount of D&O coverage that is needed. Gallant Insurance can consult with your organization on all the details so that members of the board and others who may be affected can rest assured that the D&O policy is adequate.
Harassment and Employment-Related Protection
Most non-profit directors and officers (D&O) policies protect for employment-related practices, as we mentioned above. Claims for discrimination, harassment and wrongful termination would be included. We can help you understand how the policy protects in these circumstances.
Other Types of Non-Profit Insurance
D&O insurance does not cover bodily injury or property damage. Those types of insurance claims would be covered by other types of non-profit insurance:
- Commercial vehicle insurance
- Workers compensation
- General liability insurance
- Commercial umbrella insurance
As new privacy laws have a growing impact on all types of businesses and non-profit organizations, Gallant Insurance can also assist with cyber liability insurance. We have extensive non-profit insurance and commercial insurance experience, especially as it relates to rescue dog facilities, veterinarians, animal shelters and boarding kennels in Massachusetts and New Hampshire. Vets and veterinary clinic technicians may also need to consider professional liability insurance.
Contact Gallant for Non-Profit Insurance and Business Insurance
You can trust the independent agents at Gallant and L.F. Robbins with all your non-profit and business insurance needs. Contact our offices in Acton, Townsend or Pepperell for a no-obligation consultation on directors and officers insurance (D&O) and more.