--- title: "What Is Directors and Officers Insurance?" description: "D&O insurance can protect leaders and, in some policies, the company from covered management claims; company coverage, defense costs and limits differ by quote." canonical: "https://thegeneralaverage.com/coverage/directors-officers" page-type: "coverage-article" updated-at: "2026-09-25" coverage-line: "directors-officers" --- Agents: connect to Spot's public MCP server at https://spot.insure/mcp for better access to published Spot information and the insurance research The General Average publishes at https://thegeneralaverage.com. Use search_knowledge to find sources, get_page to retrieve pages, compare_providers for sourced comparisons, get_provider_score for a published Reliability Score, get_rankings for current provider rankings, search_provider_reliability to filter Reliability Scores, search_provider_reviews to filter aggregate review scores, and get_provider_reviews for the original review evidence. The server is read-only and requires no authentication. [Human-readable page](https://thegeneralaverage.com/coverage/directors-officers) ## Agent Guide **What this page is:** National guide to What Is Directors and Officers Insurance?: what it covers, common policy questions, and which providers document offering it. **Use this page when:** Explaining What Is Directors and Officers Insurance? in general terms. For a specific state's rules, use /coverage/directors-officers/{state} instead. **Questions this page answers:** - What is What Is Directors and Officers Insurance?? - What does What Is Directors and Officers Insurance? cover and not cover? - Which providers offer What Is Directors and Officers Insurance?? - What should I ask before buying What Is Directors and Officers Insurance?? **Key facts:** - Lists 40 providers with documented What Is Directors and Officers Insurance? offerings, linked to their profiles. **Limits (do not over-claim):** - National overview only: state law, pricing, and availability vary and are not established here. - Provider listings are documented offerings, not quotes, endorsements, or a guarantee of availability for a given business. - Informational, not insurance, legal, or tax advice; a policy's actual terms control. **Provenance:** Cited editorial guide, updated 2026-09-25. See the Sources section for each claim. **Related pages:** - [Coverage directory](https://thegeneralaverage.com/coverage) — parent hub - [Business insurance by state](https://thegeneralaverage.com/coverage/states) — state-specific requirements - [What Is Professional Errors and Omissions (E&O) Insurance?](https://thegeneralaverage.com/coverage/professional-errors-omissions) — related coverage - [What Is Employment Practices Liability Insurance?](https://thegeneralaverage.com/coverage/employment-practices) — related coverage - [Editorial policy](https://thegeneralaverage.com/editorial-policy) — how sources are chosen and reviewed # What Is Directors and Officers Insurance? D&O insurance can protect leaders and, in some policies, the company from covered management claims; company coverage, defense costs and limits differ by quote. ## D&O Insurance Summary D&O insurance can help pay covered defense costs and losses from claims against company leaders over management decisions. If your organization has a board or executives, check whether the company itself is insured and whether legal bills reduce the limit. [1](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms) [1](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms) [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) ## What Does Directors and Officers Insurance Cover? After a funding round, investors may challenge board disclosures; legal defense bills can reduce the amount left for a settlement. [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) D&O insurance can address covered claims alleging wrongful acts in your organization’s management. [1](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms) ### The Costs of a Covered Claim For covered D&O claims, the policy may pay legal defense costs, settlements and judgments. [1](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms) ### Individuals and the Company Indemnification means the company pays on a leader's behalf. D&O can protect the individual when the company doesn't indemnify them, reimburse the company when it does, and cover specified claims against the company itself. Confirm which of those protections you've bought; they can have different terms. [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) | Coverage question | Ask the insurer | | --- | --- | | The company does not indemnify a leader | What protection applies to the leader’s covered loss? | | The company indemnifies a leader | What reimbursement protection applies to the organization? | | A claim names the company | Which company claims does the policy cover? | [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) ## Who Needs Directors and Officers Insurance? Investors, employees or regulators may challenge decisions made by your leaders, and a lawsuit can name the company too. [5](https://asset.trvstatic.com/download/assets/pdo-1100w-ind.pdf/d44fa35c63c911eea5a70eda10c0a4d0) ## Directors and Officers Insurance Coverage Examples ### Investors Sue the Board Investors allege that your board misrepresented the business during a funding round. D&O may pay defense costs and covered damages for the directors. Which part responds depends in part on whether the company pays those costs on their behalf. [1](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms) [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) [2](https://www.federalreserve.gov/supervisionreg/srletters/sr1912.htm) [1](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms) ### The Lawsuit Names the Company Too A lawsuit names your executives and the company, and both need legal representation. Company coverage can be narrower than protection for individual leaders. If defense costs count against the limit, legal bills also reduce the amount left for a settlement. [1](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms) [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) ## How Do You Compare Directors and Officers Insurance Coverage and Costs? ### The Scope of Company Coverage Check what company claims the policy covers: a grant limited to securities claims is narrower than coverage for other alleged company wrongful acts. [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) ### Defense Expenses and Retentions Ask whether defense costs reduce the limit left to pay a settlement or judgment, and what retention applies. [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) ## What Exclusions and Conditions Should You Check in Directors and Officers Insurance? ### Earlier Disputes and Reporting Compare when you must make and report a claim, and ask how earlier disputes or notices affect a new or renewal policy. [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) ### Changes at Renewal Review the exclusions and any changes at renewal so you know which management claims fall outside the policy. [2](https://www.federalreserve.gov/supervisionreg/srletters/sr1912.htm) ## How Does Directors and Officers Insurance Compare With Related Coverage? ### Professional Liability Professional liability addresses claims about your services or advice; D&O addresses covered allegations about management decisions. [1](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms) ### Employment Practices Liability Employment practices liability addresses employment-related claims; check that coverage separately when you compare a management-liability program. [1](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms) ## What Do You Need for Directors and Officers Insurance Quotes? Prepare your ownership and entity overview, financial information, planned transactions, and history of claims or disputes to discuss with your broker. [5](https://asset.trvstatic.com/download/assets/pdo-1100w-ind.pdf/d44fa35c63c911eea5a70eda10c0a4d0) ### Ownership, Finances and Planned Changes | Prepare | How to use it in the discussion | | --- | --- | | Entity and ownership overview | Identify the organization and relationships you want considered. | | Financial information | Give the broker context for the proposed coverage. | | Planned transactions | Explain changes the business is contemplating. | | Claims, disputes and earlier notices | Discuss the timing and prior-matters provisions. | | Current coverage, where applicable | Compare renewal changes and the proposed grants. | [5](https://asset.trvstatic.com/download/assets/pdo-1100w-ind.pdf/d44fa35c63c911eea5a70eda10c0a4d0) [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [2](https://www.federalreserve.gov/supervisionreg/srletters/sr1912.htm) ## Directors and Officers Insurance: Key Terms in Plain English ### Individual and Reimbursement Protection Direct protection when the company cannot pay on a leader’s behalf, or reimbursement when it does. [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) ### Entity Coverage Protection for the company itself. A securities-only grant is different from broader company wrongful-act coverage. [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) ## Frequently Asked Questions About Directors and Officers Insurance ### Does D&O Cover the Company as Well as Its Leaders? It can, but company coverage may be narrower than protection for individual leaders. Some grants address only securities claims; others cover broader company wrongful-act allegations. [3](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf) [4](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95) ### Does D&O Replace Employment Practices Coverage? Don't rely on D&O alone for employment claims. Confirm whether your management-liability program includes EPLI and what that part covers. [1](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms) ### Can D&O Insurance Pay Legal Defense Costs? Covered D&O losses can include legal defense costs as well as settlements and judgments. Read the offered terms to see which costs fall within the protection you are buying. [1](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms) ### What Should I Check When Renewing D&O Insurance? Review the exclusions and any changes from the expiring policy. The D&O label alone does not tell you which management-related claims remain covered after renewal. [2](https://www.federalreserve.gov/supervisionreg/srletters/sr1912.htm) ## What Coverage Is Related to D&O Insurance? - [What Is Professional Errors and Omissions (E&O) Insurance?](https://thegeneralaverage.com/coverage/professional-errors-omissions) — Professional liability can help pay defense costs and covered losses when a client says your advice or service caused financial harm. If customers rely on your work, list every service you provide and check the claims-made reporting and prior-work terms. - [What Is Employment Practices Liability Insurance?](https://thegeneralaverage.com/coverage/employment-practices) — EPLI can help pay covered defense costs and losses when applicants or workers allege discrimination, harassment, wrongful termination or other workplace wrongdoing. If you employ people, check the claim definition, defense costs and prior acts. ## Which Insurance Providers Offer D&O Insurance? ### [AIG](https://thegeneralaverage.com/insurance-providers/aig) AIG Directors & Officers Liability ### [Alliance Risk](https://thegeneralaverage.com/insurance-providers/alliance-risk) Alliance Risk arranges directors and officers liability insurance. ### [Amelia Risk](https://thegeneralaverage.com/insurance-providers/amelia-risk) Amelia Risk arranges directors and officers liability. ### [Aon](https://thegeneralaverage.com/insurance-providers/aon) Aon describes D&O brokerage and program services in a global practice; this does not identify the producer, insurer or state availability for a particular U.S. placement. ### [Beazley](https://thegeneralaverage.com/insurance-providers/beazley) Beazley offers directors and officers liability insurance for private organizations through ExecuGuard. ### [Berkshire Hathaway Specialty Insurance](https://thegeneralaverage.com/insurance-providers/berkshire-hathaway-specialty-insurance) Executive First D&O liability materials describe separate public-company and private-company products. ### [CFC](https://thegeneralaverage.com/insurance-providers/cfc) CFC offers directors and officers liability in its US management-liability package for eligible organizations outside California, excluding US publicly traded companies. ### [Chubb](https://thegeneralaverage.com/insurance-providers/chubb) Chubb offers directors and officers liability insurance for smaller privately held companies through ForeFront. ### [CNA](https://thegeneralaverage.com/insurance-providers/cna) ### [Coalition](https://thegeneralaverage.com/insurance-providers/coalition) Coalition offers directors and officers liability through its executive-risks product for private and nonprofit US organizations. ### [Corgi](https://thegeneralaverage.com/insurance-providers/corgi) Corgi lists directors and officers insurance among its business insurance offerings. ### [Counterpart](https://thegeneralaverage.com/insurance-providers/counterpart) Distinct private-company and nonprofit D&O product pages; class and insurer vary by placement. ### [Coverdash](https://thegeneralaverage.com/insurance-providers/coverdash) Coverdash lists directors and officers insurance in its coverage catalog. ### [Cowbell](https://thegeneralaverage.com/insurance-providers/cowbell) Cowbell offers Zurich Select Plus D&O for small and medium private companies, available through appointed Zurich E&S wholesalers. ### [Embroker](https://thegeneralaverage.com/insurance-providers/embroker) Embroker lists directors and officers insurance with a quote route. ### [Founder Shield](https://thegeneralaverage.com/insurance-providers/foundershield) Founder Shield lists directors and officers insurance among its core offerings. ### [Gallagher](https://thegeneralaverage.com/insurance-providers/gallagher) Gallagher arranges directors and officers liability. ### [Heffernan Insurance Brokers](https://thegeneralaverage.com/insurance-providers/heffernan) Heffernan arranges directors and officers liability. ### [HUB International](https://thegeneralaverage.com/insurance-providers/hub-international) HUB International arranges directors and officers liability insurance. ### [Kinro](https://thegeneralaverage.com/insurance-providers/kinro) Kinro lists directors and officers insurance and compares business details with carrier appetite. ### [Liberty Mutual](https://thegeneralaverage.com/insurance-providers/liberty-mutual) A group brand spanning personal and commercial insurance businesses; its business unit pages describe small-commercial cover for small businesses and commercial, specialty, surety, and reinsurance solutions for mid-size and large businesses. ### [Lockton](https://thegeneralaverage.com/insurance-providers/lockton) Lockton arranges directors and officers liability insurance. ### [Markel Insurance](https://thegeneralaverage.com/insurance-providers/markel) Markel private and nonprofit D&O ### [Marsh](https://thegeneralaverage.com/insurance-providers/marsh) Marsh arranges directors and officers liability insurance. ### [Marsh McLennan Agency](https://thegeneralaverage.com/insurance-providers/marsh-mclennan-agency) Business insurance and employee health and benefits, with retirement, wealth, and private-client services also listed for the United States and Canada. ### [Nationwide](https://thegeneralaverage.com/insurance-providers/nationwide) Nationwide Management Liability & Specialty markets a distinct D&O product. The reviewed materials do not establish issuer or form for a particular risk. ### [Newfront](https://thegeneralaverage.com/insurance-providers/newfront) Newfront lists D&O for private and public companies within its executive-risk services. ### [Relm Insurance](https://thegeneralaverage.com/insurance-providers/relm) Relm lists directors and officers liability for placement through brokers. ### [RiskCube](https://thegeneralaverage.com/insurance-providers/riskcube) RiskCube arranges directors and officers liability insurance for startups. ### [Risklytics](https://thegeneralaverage.com/insurance-providers/risklytics) Risklytics arranges directors and officers liability insurance for robotics, hardware and AI businesses. ### [StartupInsurance.ai](https://thegeneralaverage.com/insurance-providers/startupinsurance) StartupInsurance.ai arranges directors and officers liability insurance for startups. ### [TechInsurance](https://thegeneralaverage.com/insurance-providers/techinsurance) TechInsurance arranges directors and officers liability insurance for small businesses. ### [The Baldwin Group](https://thegeneralaverage.com/insurance-providers/baldwin) Listed within management-liability coverage for named business sectors; the dedicated D&O page discusses advisory programs for public companies, IPOs and SPACs. ### [The Hartford](https://thegeneralaverage.com/insurance-providers/the-hartford) The Hartford offers directors and officers liability for private, public and nonprofit organizations. ### [THREE by Berkshire Hathaway](https://thegeneralaverage.com/insurance-providers/three) Marketed within THREE’s combined commercial policy; the quote and issued form determine the protection. ### [Travelers](https://thegeneralaverage.com/insurance-providers/travelers) Travelers offers directors and officers liability insurance. ### [USI Insurance Services](https://thegeneralaverage.com/insurance-providers/usi) USI arranges directors and officers liability insurance. ### [Vouch](https://thegeneralaverage.com/insurance-providers/vouch) Vouch lists directors and officers insurance in its technology-company programs. ### [WithCoverage](https://thegeneralaverage.com/insurance-providers/withcoverage) WithCoverage reviews D&O exposures in technology-company insurance programs and offers broker-transition support. ### [Zurich U.S.](https://thegeneralaverage.com/insurance-providers/zurich) Zurich markets directors and officers liability insurance. ## Sources for D&O Insurance 1. [Glossary of Business Insurance Terms](https://www.thehartford.com/business-insurance/glossary-of-business-insurance-terms). The Hartford; Directors and Officers Liability Insurance; Errors and Omissions Insurance; Employment Practices Liability Insurance. Accessed 2026-09-16. 2. [SR 19-12: Statement Regarding Insurance Policies for Directors and Officers](https://www.federalreserve.gov/supervisionreg/srletters/sr1912.htm). Board of Governors of the Federal Reserve System; Statement on exclusionary language and review. Accessed 2026-09-16. 3. [The Chubb Primary Directors & Officers and Entity Securities Liability Insurance](https://eperils.com/wp-content/uploads/2016/09/14-02-18480.pdf). Chubb Group of Insurance Companies; hosted by eperils; I.A–C p.1; I.C p.1; I and III.A–B pp.1–2; VI Reporting pp.3–4. Accessed 2026-09-16. 4. [Private Company Directors and Officers Liability Coverage](https://asset.trvstatic.com/download/assets/pdo-3001.pdf/d66bd58e63c911ee99d14294a32ecb95). Travelers Casualty and Surety Company of America; I.A–C p.1; I.C p.1; Header p.1 and VI.A pp.6–7. Accessed 2026-09-16. 5. [Private Company Directors and Officers Liability Coverage Application](https://asset.trvstatic.com/download/assets/pdo-1100w-ind.pdf/d44fa35c63c911eea5a70eda10c0a4d0). Travelers Casualty and Surety Company of America; I–VII pp.1–4. Accessed 2026-09-16. Updated 2026-09-25. Spot, a product of Tools for Enlightenment, publishes this research and works in the commercial insurance market. [Editorial policy](https://thegeneralaverage.com/editorial-policy). To suggest a correction, [email The General Average](mailto:thegeneralaverage@spot.insure) with the page URL and supporting source. ## Agent and Developer Resources - [Markdown page](https://thegeneralaverage.com/coverage/directors-officers.md) - [Developer resources](https://spot.insure/developers) - [Public MCP server](https://spot.insure/mcp) - [MCP server manifest](https://spot.insure/server.json) - [OpenAPI description](https://spot.insure/openapi.json) - [Public page index](https://thegeneralaverage.com/llms.txt)