DIRECTORS AND OFFICERS INSURANCE
Protect your leaders and your company from liability.
Why choose Magaya Insurance Services for your directors and officers insurance?
Directors and officers (D&O) liability insurance safeguards your directors or officers from personal claims made against them relating to their business decisions. It’s similar to E&O liability insurance, however it will typically protect your leaders personally – in addition to the company. It also provides backing for an indemnification provision, which holds officers harmless for any losses due to their role in your company.
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D&O policies can take many forms, and vary based on the organization and the risks it faces. Our insurance agents have deep experience in this specialized field and will counsel you on the best coverage for your needs.
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Types of Directors and Officers Insurance
Directors and officers of organizations across all industries are experiencing more scrutiny than ever before. The evolving business environment, characterized by economic volatility, bankruptcies, and employee layoffs, has introduced new risks that can lead to legal actions. The team at Magaya Insurance Services has the experience and knowledge needed to advise you on the best coverage for your leaders.
There are several types of D&O liability insurance policies available.
Side A Coverage
Side A coverage provides coverage for individual directors and officers when the company is unable or unwilling to indemnify them for a claim. This type of coverage is particularly important when a company is insolvent or facing financial difficulties.
Side B Coverage
Side B coverage provides coverage to the company for claims made against its directors and officers. This type of coverage reimburses the company for any indemnification payments it makes to its directors and officers.
Side C Coverage
Side C coverage provides coverage for claims made against the company as a whole. This type of coverage is particularly important for public companies facing securities lawsuits or other types of class action lawsuits.
Entity Coverage
Entity coverage provides coverage to the company itself for claims made against it. This type of coverage is particularly important for private companies that may not have the financial resources to defend against a lawsuit.
Employment Practices Liability Coverage
Employment practices liability coverage provides coverage for claims related to discrimination, harassment, wrongful termination, or other employment-related issues.
Fiduciary Liability Coverage
Fiduciary liability coverage provides coverage for claims related to breaches of fiduciary duty, such as mismanagement of company assets or failure to act in the best interests of the company.
Frequently Asked Questions About Magaya Directors and Officers Insurance
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1. Who needs D&O insurance?
D&O insurance is often needed in the transportation and logistics space, although it can ultimately benefit any director or officer of a for-profit business or private firm. All organizations are vulnerable to a wide variety of D&O exposures, especially as your business grows to serve more clients. Here at Magaya Insurance, we specialize in the transportation and logistics space, so our D&O liability insurance policies are tailored accordingly.
2. What are the benefits of D&O insurance?
Unforeseen circumstances can suddenly appear and wreck the financial future of your business. But if you have all your liabilities covered, that doesn’t have to happen. With D&O liability insurance, if your directors or officers make any decision that leads to monetary damages for someone else, you have insurance to cover the defense costs and monetary damages that may result. However, it’s important to note that this policy does not cover bodily injury or property damage.
3. What does D&O liability insurance cover?
D&O liability insurance provides coverage for claims made against directors and officers of a company for wrongful acts related to their role in the company. This includes claims related to breach of fiduciary duty, mismanagement of company assets, or failure to act in the best interests of the company.
4. Who is covered under D&O liability insurance?
D&O liability insurance covers directors and officers of a company who are named in a lawsuit related to their role in the company.
5. Why do companies need D&O liability insurance?
Companies need D&O liability insurance to protect their directors and officers in the event of a lawsuit. Without this insurance, directors and officers may be held personally liable for any damages awarded in a lawsuit, which can put their personal assets at risk.
6. How much does D&O liability insurance cost?
The cost of D&O liability insurance varies depending on several factors, such as the size of the company, the level of coverage needed, and the risk level of the business.
7. How do I obtain D&O liability insurance?
D&O liability insurance can be obtained through Magaya Insurance Services. An advisor will assess your needs and recommend a personalized policy for the right coverage.
8. What are the benefits of D&O liability insurance?
D&O liability insurance provides financial protection to directors and officers in the event of a lawsuit, which can help to protect their personal assets. It also provides peace of mind to company leaders, knowing that they are covered in the event of a legal claim.
9. How long does D&O liability insurance coverage last?
The length of D&O liability insurance coverage will vary depending on the terms of your policy.
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