Directors & Officers Liability Insurance for Pet Care Businesses

Why directors & officers (D&O) liability

Do you know what risks you’re taking as a board member? Even if you’re not directly involved in every decision, you could still be held personally accountable for the actions—or inactions—of your fellow directors or officers. Directors and Officers (D&O) Liability Insurance is specifically designed to protect individuals in leadership positions from personal financial exposure arising from lawsuits tied to their roles. This coverage helps pay for legal defence costs and settlements that could otherwise come out of your own pocket.

If something goes wrong, are you ready to put your personal assets on the line?

Six good reasons for directors & officers liability insurance

If you are still uncertain, here are six good reasons for board members to have directors and officers liability Insurance:

1. Acts of others: Directors can be held jointly liable for the acts committed by other directors, even if they weren’t present for the meetings.
2. Loss and waste: Directors can be held personally liable for failure to properly protect the assets of the organization resulting in a loss (such as failing to obtain proper insurance coverage!) or for incorrect decisions that result in a loss or waste.
3. Wrongful acts: Directors can be held personally liable for wrongful acts or omissions committed in the performance of their duties.
4. Discrimination: Directors can be held personally responsible for acts of discrimination against others because of their race, age or sex.
5. Wrongful dismissal: Directors can be held personally liable for the costs associated with a wrongful dismissal action.
6. Reports: Directors can be held personally liable for false or misleading reports, and for the failure to verify facts in official documents.