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Directors and officers can be held personally liable for decisions they make while serving on a company or organization’s board. Directors & Officers liability insurance protects these board members that could be held liable for the decisions they make while serving on the board. A D&O policy can help cover the costs of legal defense, damages and/or settlements if a company is sued for alleged wrongful acts. Having a D&O policy in place can also help attract and retain qualified executives and board members.
Directors and officers could be sued for a variety of reasons related to their role on a board including any of the following: