Directors and officers (D&O) liability insurance is a way for a company to protect its leaders from financial losses because of a claim. More explicitly, D&O insurance is intended to protect directors and officers from claims made against them while serving on the board of directors or as an officer of a private or not-for-profit company.
The best D&O insurance is not difficult to buy, has comprehensive coverage, and comes from a trustworthy company. Customer administration and cost also play a critical part in the purchasing process. Read on to see which companies we think are best.
1. Travelers
Travelers is an insurance company that has been around for more than 165 years. It employs more than 30,000 employees and 13,500 independent contractors in the United States, Canada, the United Kingdom, and Ireland. Travelers has won numerous awards including a few from Forbes for being one of America’s Most Companies, to a few more from Fortune’s rundown of the World’s Most Admired Companies. Its longevity and leadership in the insurance industry are the reason we chose Travelers as our best overall choice for D&O insurance.
2. Founder Shield
Founder Shield was launched in 2012 and is headquartered in New York. It leverages technology to make the insurance application and purchasing process consistent and simple. Founder Shield wins our spot for the best D&O insurance for startups since it is focused on providing risk management solutions for rapidly evolving companies.
The cost of Founder Shield D&O insurance will fluctuate enormously between companies based on various factors including the company’s case history, funding, industry, as well as income and financials.
3. CoverWallet
Launched in 2015, CoverWallet is a commercial insurance agency and brokerage headquartered in New York. In 2020, CoverWallet was acquired by Aon Company, a global professional administration firm that provides hazard, retirement, and well-being solutions.
CoverWallet needs to make it as simple and convenient as possible for you to get the insurance coverage you need for your company. They do this by allowing customers to purchase and manage their insurance completely online. CoverWallet is our choice for the best D&O insurance for nonprofits since it understands the special needs of nonprofit companies and has the D&O insurance solutions to assist you with mitigating your dangers.
4. HUB International
In 1998, eleven Canadian brokerages merged to form what is now Hub International Limited. Today, Hub International is a leading insurance broker headquartered in Chicago managing over $93 billion in resources.
Hub International is our choice for the best D&O insurance for small businesses since it provides customized insurance options to properly address the particular needs of your company. Hub International will work with you to determine your coverage priorities by asking explicit questions, for example, whether you need to insure your employees as a whole or simply the board and leader group.
5. American International Group (AIG)
AIG was founded in 1919 in Shanghai, China. Today, AIG is a leading global insurance organization with a presence in approximately 70 countries and jurisdictions. The company has explicitly been helping organizations to make protection for senior leaders with over 40 years of offering D&O insurance.
AIG is our choice for the best D&O insurance for international companies as it offers businesses multinational help with one of the biggest global networks in the industry. It also provides extensive case capacities seeing over 25,000 cases each year and paying out $1.5 billion in claims every year.
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