New York Directors And Officers Liability Insurance
(Quotes, Cost & Coverage)

Get New York directors and officers liability insurance quotes, cost & coverage fast. NY D&O covers directors and officers for claims made against them while serving on a board of directors and/or as an officer of a company either for nor non-profit.

NY D&O Insurance

As a NY business owner, having the coverages that you need in order to protect your business, yourself, and your employees. While there are a lot of insurance policies available to shield your business, one type of coverage that many business owners overlook the importance of is New York directors and officers liability insurance.

Many business owners assume that claims are filed against directors and officers of large, well-known public companies. However, this is a misconception. As a matter of fact, private and non-profit businesses that are on the small side and aren't widely known are also at risk of facing directors and officers litigation.

Lawsuits are becoming increasing common in today's business world. And, considering the fact that the cost of a D&O lawsuit could end up costing a business hundreds of thousands of dollars that could cause financial devastation, it's important to make sure that you have New York directors and officers liability insurance coverage.

Does My Business Need New York Directors And Officers Liability Insurance?

If your business has a corporate board, an advisory committee, or has any other type of officer, you should seriously consider investing in a New York directors and officers liability insurance policy.

You don't have to make millions of dollars in revenue for your board of directors to have a personal lawsuit filed against them. Businesses that are on the smaller side and don't generate a sizeable revenue are likely to need the protection that this type of coverage offers just as much, if not even more so, than large public companies.

What Does New York Directors And Officers Liability Insurance Cover?

NY directors and officers liability insurance offers protection for the personal assets of a business' board of corporate directors and officers, as well as their spouses, if they are ever faced with a personal lawsuit. This includes any lawsuits that may be filed by employees, vendors, investors, customers, competitors and various other people, and suits may filed for real or alleged wrongdoings that have occurred while managing a company. This policy usually protects a business, too.

A New York directors and officers liability insurance policy covers any legal costs, including attorney and court fees, as well as settlements, that may occur when a personal lawsuit is filed against a company's corporate directors and officers.

Why is D&O insurance so important? There are a number of reasons why someone might decide to sue an officer of a business. Some examples include:

• Using business money in a way that it is not intended to be used
• Fraud
• The misrepresentation of the assets that a company offers
• A breach of financial duties that ends up causing financial losses or even bankruptcy
• Not complying with laws that are established for the workplace
• Misconduct or inappropriate behavior in the workplace, such as sexual harassment
• Stealing the ideas of another business and making revenue off of those ideas
• Theft of a competitor's customer base

While New York directors and officers liability insurance does cover a wide variety of lawsuit types, it is important to note that a policy usually does not cover any illegal actions or profits that may be made in an unlawful way.

What New York Directors And Officers Liability Insurance Doesn't Cover

D&O insurance typically does not cover (excludes):

• bodily injury and property damage
• fraud and dishonest acts
• pollution
• breach of contract

Most of the time, a NY D&O policy will include endorsements with additional exclusions based on the applicant's risk characteristics. These exclusions might relate to areas such as professional services, antitrust, medical malpractice, and publishing.

Types of Directors and Officers Liability Insurance Coverage

When it comes to D and O insurance, people who own a business have several options to choose from and can adjust their polices to their needs. However, there are three main types of coverage. This includes the following:

• A-Side Coverage. This coverage protects directors, officers and in some cases, employees, for attorney fees, settlement costs, or judgments if a business is unable to cover them.
• B-Side Coverage. This coverage shields the company for any losses that directors, officers and employees may experience if a business is unable to cover them.
• C-Side Coverage. This is also known as entity coverage and it protects the company itself. This coverage my minimize the limits that are available to coverage for individual directors and officers.

How Much Does New York Directors And Officers Liability Insurance Cost?

How much does New York directors and officers liability insurance cost? There are several factors that affect the cost of directors and officers insurance coverage. The type of business you run, the amount of revenue you may, and whether or not there have been any legal claims filed against your company in the past are all factors that are taken into consideration when determining the cost of coverage.

Further Reading On Management Liability Insurance

• Directors And Officers Insurance For Nonprofits
• Directors And Officers Liability Insurance
• Educators Legal Liability Insurance
• Employment Practices Liability Insurance
• Fidelity And Crime Insurance
• Sexual Abuse And Molestation Insurance
• Sexual Misconduct Liability Insurance

NY Directors And Officers Liability Insurance Quotes

Request a New York Directors And Officers Liability Insurance quote in Albany, Amherst, Auburn, Babylon, Binghamton, Bronx, Brookhaven, Brooklyn, Buffalo, Clarkstown, Clay, Colonie, Elmira, Glen Cove, Greenburgh, Hamburg, Hempstead, Huntington, Islip, Ithaca, Jamaica, Jamestown, Long Beach, Manhattan, Middletown, Mount Vernon, New Rochelle, Newburgh, Niagara Falls, Orangetown, Oyster Bay, Perinton, Poughkeepsie, Queens, Rochester, Rome, Rye, Schenectady, Smithtown, Southampton, Staten Island, Syracuse, Tonawanda, Troy, Union, Utica, Watertown, West Seneca, White Plains, Yonkers and all other cities in NY.

New York Insurance Rules & Regulations

In the state of New York, there are a couple of different types of insurance that are regulated by the state that you should be aware of - as well as the regulations behind them. Understanding what is required for business and personal insurance will help you make sure that you have the right insurance if you ever decide to open a business or even if you are simply looking for information on what kinds of personal insurance you need and what sort of oversight there is for them. Let's take a closer look at personal and business insurance in NY State.

NY Commercial Insurance

The first type of insurance is general liability insurance. Although general liability insurance is not required by law for New York businesses, it is a good thing to have. General liability protects companies from lawsuits that stem from slips and falls, damage to property while they are on the premises and a variety of other potential incidents that customers may file a lawsuit for. General liability simply keeps you safe in case something happens to someone on your property and they decide to bring a lawsuit against you.

In addition, businesses in New York must carry specific types of insurance such as Worker's Compensation insurance when they have at least one full or part-time employee. This does not apply to independent contractors and subcontractors. The only other regulation in New York is that commercial vehicles that are operating as part of a business must carry commercial auto insurance.

New York Personal Insurance

Now, we move onto personal insurance starting with auto insurance. New York State requires that anyone operating a motor vehicle carry liability insurance with $25,000 for bodily injury to one person and $50,000 total for a single accident. In addition, motorists must carry $10,000 for property damage as well.

There are also some regulations governing life insurance. In Article 32 of the New York Consolidated Law it says that residents have a free look period that is limited to 10 days, as well as a grace period of 31 days and then insurance companies must make timely payments within 30 days of receiving notification of the death. If the insurance company does not make these payments on time, then interest can be added to the amount owed. You can find out more about this life insurance information as well as information on the New York state guaranty that ensures that you will receive a payment even if your life insurance company goes out of business.

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