Do I Need Texas Directors and Officers Insurance?
Texas directors and officers insurance (D & O) is insurance coverage specifically intended to protect executives from personal exposure if they are sued while acting in the capacity of a director or an officer of a business or other type of organization. It can also cover the legal fees and other costs the organization may incur as a result of such a suit. Let ConXis Insurance Services help you determine what is needed to protect you and your organization.
Why Should I Have Texas Directors and Officers Insurance ?
In the event your involved in a claim against directors and officers, the insurance carrier will help navigate the lawsuit, negotiate settlements, and cover expenses. Ultimately, this translates into significant time and money savings.
D&O insurance can also protect executives and board members in the unfortunate case of bankruptcy. The D&O policy will provide indemnification, acting as a buffer between the personal assets of the directors and officers and the legal costs spent defending litigation brought by creditors, trustees, or past investors.
Does It Matter If My Company Is Public Or Private For D & O Insurance?
The risk to senior management is similar for both private and public executives. Therefore, it is encouraged for both private and public companies to secure Texas Directors and Officers Insurance to protect company leaders and the business.
In most cases private and venture investors mandate that companies buy D&O insurance either before closing a round of financing or within some specified time after closing. The intent being if something serious and unplanned happens a proper D&O policy will support the company leaders as well as the board.
There are some differences between Texas Directors and Offices Insurance policies for private and public companies. The biggest difference is that public policies cover Securities Class Actions brought by investors. As such, D&O insurance for a public company will be more expensive, which is understandable as there are simply more stakeholders involved.
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