Custom Directors & Officers Insurance for Ontario, Alberta & British Columbia
The risks of running any organization — public, private or non-profit — are so immense and complex they can be extremely stressful and even personally destructive.
In addition to fulfilling the tough responsibilities of your job, you also face the risk of serious and frivolous lawsuits from inside and outside your organization. You can even be successfully sued when you didn’t do anything wrong.
Directors and managers of any organization make decisions that can adversely affect suppliers, vendors, clients, employees, competitors, lenders, shareholders and governmental agencies. Allegations of ‘wrongdoing’ can happen at any time, and especially when there is significant change within an organization.
That’s why we have directors & officers insurance (D&O insurance) to protect senior personnel against errors and allegations in fulfilling their responsibilities. And it’s why organizations across Ontario, Alberta and BC turn to Lyon & Butler for wise counsel on their insurance needs, including a comprehensive customized D&O policy.
What Could Go Wrong?
Business and organizational management are riddled with all sorts of issues that can lead to a lawsuit or legal challenge against your organization. Here are just a few examples:
- An employee alleges discrimination as cause for lack of advancement with the company.
- An employee was killed or seriously injured during work hours and the family sues you and the company for failure to provide a safe work environment.
- A lender is unhappy with recent quarterly results of your company, alleging the CFO promised better results and failed to disclose more detailed information at a recent loan renewal. The lender sues for misrepresentation.
- A shareholder alleges management has wasted company assets and personally profited at the expense of the company. They sue for reimbursement of those funds, plus damages and legal costs.
- The Government seeks to recover money from directors for upward adjustments to HST taxes receivables when the company itself doesn’t have the money.
Why You Need D&O Insurance
Given the scope of these claims — and there are many more — the need for insurance to protect directors and officers is obvious.
The legal costs to defend an organization’s management can be huge. Even if the company wants to protect management from liability, sometimes those protections are not available. The organization may be barred by statute, financially unable or just unwilling to pay from its own resources.
Without adequate protection, the personal assets of a director or senior manager can be seized to meet costs and settlements.
D&O liability acts as the ultimate protection for management when all else fails. The policy will help protect management’s personal assets as well as the company’s.
The Lyon & Butler Directors and Officers Insurance Program
D&O liability is a complex insurance coverage. There’s no standard policy.
You need to rely on an insurance broker you can trust to build a program around your needs and the specific risks you face.
Lyon & Butler’s directors and officers insurance program is the solution, with coverage for actions alleging wrongful acts that include defence costs, both in civil and criminal cases, awards and settlements (both in court and out of court).
Simply put, an action alleging wrongdoing could put you out of business overnight.
Why take that risk, when all the protection and expertise you need is available right now, at highly competitive rates, from the trusted experts at Lyon & Butler?
With that protection in place, your directors and officers will be able to focus fully on the real tasks of running your organization. So, get in touch now for a no-obligation, no-cost quote.
Why Lyon & Butler?
With roots that date back more than 100 years, as a continuous service provider of commercial insurance, we have an unparalleled track record of service and a reputation for securing the soundest, most cost-effective business insurance in Ontario, Alberta and BC.
Although our history stretches back into the previous century, Lyon & Butler is a company with a distinctly 21st Century outlook, which means we are fully up-to-date with contemporary business risks, the regulatory environment and the commercial insurance requirements needed to meet them.
We enjoy solid, trusted relationships with some of Canada’s biggest and most reputable insurers, so that we can deliver unbeatable directors & officers insurance.