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Amity Insurance stresses value of Directors and Officers liability insurance

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UINCY, MA ISSUED February 2, 2011…. Most businesses may carry commercial liability insurance to cover a wide range of potential issues, however claims against corporate officers for errors in running the company calls for specific directors and officers liability insurance, according to Amity Insurance Agency, Inc., the region's leading full service agency.

Business owners should take note that commercial general liability insurance covers legal liability for bodily injury, property damage and personal and advertising injury suffered by others. It does not cover claims against corporate officers.
Anyone serving on a board of a public, private or non-profit organization should be protected against allegations of wrongdoing. A company and its directors and officers can be sued for a number of reasons including allegations of mismanagement and "wrongful acts" of directors and officers. Some carriers will include employment related practices protection against claims of failure to hire, improper firing or sexual harassment as part of their policy.

A typical D&O policy defines "wrongful act" as including errors, misstatements, misleading statements, acts, omissions, neglect, or breaches of duty actually or allegedly committed or attempted by an individual in his/her capacity as a director or officer of the insured business.

Directors and officers are subject to lawsuits from numerous sources, including the company they work for, shareholders, employees, government entities, competitors, vendors and other third parties such as consumer groups.

Since all business organizations and their leadership teams are vulnerable to the above-mentioned claims, they should seek out and work with professional insurance agents to identify providers of D&O insurance – doing without is definitely not a risk worth taking.

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Amity Insurance Agency, Inc. is a full-service agency dedicated to meeting your business, professional and personal insurance needs.

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