What are the criteria for selection of the best D&O insurance company? A directors and officers insurance policy provides unmatched coverage to organisations and their key personnel against third party liabilities. If the directors and officers of a company commit mistakes or neglect important details, they might suffer a liability claim from third parties who suffer a financial loss due to their actions.
If such a claim arises, directors and officers might face a personal financial strain too. Thus, directors and officers require the financial security which is provided by the D & O policy. Moreover, if organizations invest in a suitable director’s insurance policy, they can extend financial protection to their employees.
With more than a dozen general insurance companies offering a directors insurance policy, choosing the right company might prove to be a challenge. On the other hand, buying the best D&O liability insurance coverage has become a necessity for companies. In this case, to choose the best insurance company offering a suitable policy, here are some criteria that organizations should use to select the right company –
1. The coverage offered
The first criterion in shortlisting the best insurance companies would be to check the coverage offered by the policies that the companies offer. The basic coverage, i.e. Side A, B and C, would be inbuilt under most of the plans. Moreover, you should also check the other coverage benefits offered to make the plan comprehensive. Look for policy extensions that might be inbuilt in the plan or offered as additional coverage benefits at additional premiums. Needless to say, the D & O liability insurance coverage offered by the best insurance company should be comprehensive and also suitable for your needs.
2. The premium charged
After ensuring that the coverage is comprehensive, the next parameter to judge an insurance company is the premium that it charges on the policy. Different insurance companies follow different pricing policies and, so, their premiums vary. Check the premium offered by different insurance companies against the scope of coverage under their plans. The best insurance company would be the one that charges the lowest amount of premium without compromising on the coverage benefits.
Additional Read: What drives the cost of D&O policy?
3. The claim process
The claim process and history of the insurance company is also an important criterion. To ensure that your director’s insurance claim is settled easily and quickly you should check the claim settlement protocol of the insurance company. The best insurance company would be the one that settles the D&O claims in the most convenient manner and also provides claim assistance services. Furthermore, the company should also have a good claim settlement record that would be a favourable indication on the claim settlement protocol of the insurer.
These are the important criteria that you should keep in mind when selecting the best insurance company for the D & O policy coverage. To find the best insurance company, a comparison is necessary. Compare the directors liability insurance plans offered by different companies on these parameters and then pick the right company.
What are the criteria for selection of the best D&O insurance company? Role of SecureNow
SecureNow helps you with a relevant comparison across the different insurance companies offering a D & O liability insurance coverage. This can be done as per your needs. SecureNow is tied-up with leading insurers that offer some of the best D&O policies. You can, therefore, compare the different insurance companies on the afore-mentioned parameters and find the best insurer. Visit www.securenow.in or call us at 96966 83999 and share your coverage needs. SecureNow would then compile the list of insurance companies with the best plans which you can compare and find the best insurer.