Every business faces some level of risk, which is why most businesses need liability insurance. This coverage can help protect the business from claims, like malpractice or bodily injury, that could end in lawsuits or legal liabilities.
The level of coverage changes on the type of business because every industry has unique risks. For instance, construction businesses may require coverage with superior liability limits than retail stores. There are also unique types of liability insurance coverage one needs to consider when looking for a policy.
Directors and Officers Liability Insurance protects Officers/Key Managerial Personnel (KMPs) by covering their past, present, and future of an organisation. Liability Insurance provides claims against directors, officers, employees in the event of any actual or alleged unintentional error, misstatement, omission, misleading statement, or breach of duty.
Any claims that an employee, the client makes, and stakeholder, against Directors and officers/ KMP of the Company is considered under liability insurance.