Get Washington directors and officers liability insurance quotes, cost & coverage fast. WA 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.
WA D&O Insurance
As a WA 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 Washington 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 Washington directors and officers liability insurance coverage.
Does My Business Need Washington 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 Washington 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 Washington Directors And Officers Liability Insurance Cover?
WA 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 Washington 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
- 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 Washington 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 Washington 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
- breach of contract
Most of the time, a WA 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 Washington Directors And Officers Liability Insurance Cost?
How much does Washington 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
WA Directors And Officers Liability Insurance Quotes
Request a Washington Directors And Officers Liability Insurance quote in Auburn, Bainbridge Island, Bellevue, Bellingham, Bothell, Bremerton, Burien, Camas, Des Moines, Edmonds, Everett, Federal Way, Issaquah, Kenmore, Kennewick, Kent, Kirkland, Lacey, Lake Stevens, Lakewood, Longview, Lynnwood, Maple Valley, Marysville, Mercer Island, Moses Lake, Mount Vernon, Mountlake Terrace, Mukilteo, Oak Harbor, Olympia, Pasco, Port Angeles, Pullman, Puyallup, Redmond, Renton, Richland, Sammamish, SeaTac, Seattle, Shoreline, Spokane Valley, Spokane, Tacoma, Tukwila, University Place, Vancouver, Walla Walla, Wenatchee, Yakima and all other cities in WA.
Washington Insurance Rules & Regulations
In Washington State, there are certain types of insurance that you should be aware of. We will be covering the limits and regulations of insurance within the state. You should be aware of these because if you operate a business, there may be certain types of insurance that you are required to carry. In addition, even if you do not have a business, there may be certain types of insurance regulations that you should familiarize yourself with. We will be taking a close look at insurance regulations for both personal and commercial here.
WA Commercial Insurance
For business liability insurance, what you should be aware of is that Washington does not require businesses to carry business liability insurance in order to operate. Washington is a pure comparative fault state which means that an insurance adjuster must first assess fault and name the adjuster or a court will reduce the award proportionate to the fault of the plaintiff. Businesses may carry business liability insurance in order to protect themselves against these types of claims.
However, Washington does require anyone who employs at least one person full-time or part-time to carry Worker's Compensation insurance to protect them if they are injured on the job. Washington does not require any type of disability insurance for businesses nor do they require commercial vehicles to carry commercial auto insurance.
Washington Personal Insurance
There are two types of personal insurance that you should be aware of. The first is auto insurance requirements. In Washington State, you are required to carry $25,000 per person and $50,000 per accident in bodily injury coverage. You are also required to carry $10,000 in property damage as well as uninsured/underinsured bodily coverage of $25,000 per person and $50,000 per accident.
There are two life insurance regulations to be aware of in Washington State. First, be aware that there is no free look period like there is in most states. If you sign up for life insurance, you are not able to cancel within 10 days in order to get a refund on your policy premium. However, there is a law that requires timely payment on insurance claims in the state of Washington. In fact, the state requires that the beneficiaries account start accruing interest on the day of death. That means that insurance companies will have to pay more for each day that they fail to pay the benefit. There is also a misrepresentation law when it comes to life insurance in Washington.
If you are looking for state specific Directors And Officers Liability Insurance quotes, costs and information: California Directors And Officers Liability Insurance, Colorado Directors And Officers Liability Insurance, Delaware Directors And Officers Liability Insurance, Florida Directors And Officers Liability Insurance, Illinois Directors And Officers Liability Insurance, Kentucky Directors And Officers Liability Insurance, New Jersey Directors And Officers Liability Insurance, New York Directors And Officers Liability Insurance, Oregon Directors And Officers Liability Insurance, Pennsylvania Directors And Officers Liability Insurance, Texas Directors And Officers Liability Insurance, Washington Directors And Officers Liability Insurance.