Ontario Directors and Officers Insurance
Officers and directors of private companies face a very real risk of claims. It has been observed that directors are highly underprepared and underinsured in case they are involved in a court case. Losses from an employee claim can be very huge and have a significant toll on the company with the absence of D & O insurance.
Private companies usually face a huge risk in the form of employment practices liability claims. This usually happens when the directors, officers or even the company itself gets claims from employees alleging some form of violation in their working relation with the company. Examples of such claims may include but are not limited to harassment, wrongful dismissal and even discrimination. There are a number of liabilities in a privately held company that the directors can be held personally liable for in case the company itself is unable to pay for them. Examples of these include unpaid wages, or unpaid taxes not remitted to the government.
In case a private, public or non-profit company is subject to a claim arising from employees (past or present), customers or the general public, its directors and officers may also be included in various lawsuits, creating potentially large liability exposures for them personally. This means that directors and officers of the company have their personal assets at risk. Apart from the costs of fines, damages and settlements, the legal costs involved with these cases can be quite prohibitive. Directors and Officers insurance, can protect yourself against such risks.
St. Andrews Insurance Brokers - Your Trusted D&O Insurance Choice
Understanding D&O insurance requires you to have the right information from a trusted source. Most of the time, a broker who has been in the industry for some time can be quite helpful. The policies of D&O insurance are quite complex and do involve quite a bit of technical documentation. For this reason, we strive to explain everything in the simplest language possible. The experienced team at St. Andrews Insurance Brokers have a deep understanding of insurance terminology and we will always provide the best breakdown of the huge terms in the Ontario Directors and Officers insurance policy.
The process of getting a policy that is tailor-made for your specific company is quite easy and we have made the process even easier and free from all sorts of risk. With information about your company, you will be able to receive a risk free quote in order to help you know all of your options. Getting the right coverage for your company is quite easy and relatively inexpensive as compared to the losses that may be incurred in case of a lawsuit.
For any company, there is always the possibility that an employee who feels they have been treated in a wrong manner will take the issue to court. In most cases, it is the directors and officers in the company who will be held responsible. In either way, the legal fees will be quite expensive even if the case is decided in the favour of the company. With Ontario D&O insurance, you have the peace of mind that no matter what comes your way, you are still financially secure.
We are ever so willing to work together with you and get you the best D & O insurance policy in the industry. We are also ready to help you with any questions and unsettled doubts you may be having so that you can get insured as soon as possible and get the peace of mind you so much desire. Contact St. Andrews Insurance Brokers today at 1-866-621-6980 to start your Ontario Directors and Officers Insurance quote.