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Understanding D&O Insurance
Directors and Officers (D&O) insurance is a critical component of risk management for businesses of all sizes. It provides financial protection to the directors and officers of a company in the event they are sued for alleged wrongful acts in their capacity as company leaders. This type of insurance is essential because it not only safeguards personal assets but also ensures the company's financial stability by covering legal costs, settlements, and other related expenses.
In today's litigious business environment, the risk of lawsuits against company executives is higher than ever. According to the National Association of Insurance Commissioners, D&O insurance policies can cover claims related to employment practices, shareholder actions, regulatory investigations, and more1. This coverage is crucial for attracting and retaining top talent, as potential directors and officers may be hesitant to join a company without such protection.