The leaders of a company make important rules and decisions to help the company grow. The company’s executive employees affect other employees, suppliers, creditors, investors, and the government with their policies, decisions, and actions. For instance, if because of an erroneous action, decision, or judgment, a concerned third party suffers a loss, the directors and officers of the company, as well as the company as a whole, would suffer financial and repute repercussions. They can buy a d&o policy for this loss.
Furthermore, directors can bear personal responsibility for the debts of the association. Thus, to cover protection from such repercussions, directors’ and officers’ liability insurance policy proves useful. Moreover, the policy covers third-party liabilities suffered as well as legal costs incurred if there is a lawsuit.
How to buy directors’ and officers’ liability policies?
Two ways to buy a directors’ and officers’ liability policy. You can either buy D&O insurance online or offline. Let’s see how you can buy a D&O policy that fits your organization coverage needs under both methods.
Buying D&O insurance offline
The offline mode involves buying the policy through the insurance company or its advisor, broker, or agent. You can contact either the insurance company or the insurance broker or advisor for buying the policy. Thereby, they would assess your situation and coverage requirements and provide you with D&O insurance quotes.
So, if you are satisfied with the coverage and premium offered by the company. You can pay the premium and buy the policy offline. Policy issuance typically takes about 2 weeks in the offline mode.
Buy D&O insurance online
Buying the D&O policy online is the easiest mode. You can visit the insurance company’s website or the website of an insurance aggregator or broker. Then, you can check the coverage offered by the plan. In certain cases, you would be able to see instant quotes for the features of the plan that you’ve selected.
If you find these suitable, you could fill out the proposal form and complete your payment online. Then, you will get the policy instantly.
In other cases, you could leave behind your contact information and coverage needs. Eventually, the insurance company or the aggregator would contact you to create a tailor-made policy for your needs. Then, you can pay the premium online and buy the policy instantly.
Paying D&O premiums
You can pay the premium of the policy through different payment modes. Insurance companies accept premiums paid through –
- Cheque
- Demand draft
- NEFT
- RTGS
- Credit card
- Debit card
- UPI
- Net banking facility
- Wallets
Discourage the use of cash unless the premium amounts are little.
Documents required for buying a D&O policy
To buy a directors & officers liability policy you need to provide certain documents. These documents include:
- The proposal form containing all the financial and business details of the company.
- A breakup of employees. You don’t need specific employee information.
- The Combined Balance Sheet and Profit & Loss Account of the company for the last year
- Auditor’s comments on the financial statements
- Prior history of litigation
- Any other documents as required by the insurance company
Additional Read: Advantages of buying a D & O policy
How SecureNow can help
To find the best policy for your needs and to buy a D&O policy online you can visit SecureNow. There is an online platform that shows you the quotes of leading insurers for different variants of the policy. Additionally, you can get well-researched coverage options based on your needs.
Furthermore, at SecureNow, you can compare the coverage and the premium you need to pay to the insurer. Then, choose the policy that offers the best coverage. The premiums shown and coverages are the most competitive in the market.
So, just fill out a simple form, pay, and purchase the policy online in a few easy steps to get coverage quickly. SecureNow also supports you in claims, should those arise.
About The Author
Rajesh
MBA Finance
With a wealth of expertise in the insurance realm, Rajesh is a distinguished writer specializing in articles focusing on directors and officers insurance for SecureNow. Boasting 9 years of experience in the industry, he profoundly understands the complexities surrounding directors and officers liability coverage. Their articles delve into the intricacies of D&O insurance, providing readers with invaluable insights into risk mitigation strategies and policy considerations. Renowned for their comprehensive knowledge and attention to detail, Rajesh is dedicated to delivering informative and engaging content that empowers individuals and businesses to navigate the complexities of insurance with confidence.
