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Each and every business will have its own specific requirements relating to liability insurance.
Below is a sample list of questions to ask yourself to determine if your start-up business has decent liability insurance for its Directors and Officers.
- Is the amount of the coverage available sufficient for your operation?
- Is the insurer financially viable, complete with a decent track record?
- Is the premium competitive?
- Does the policy cover all Directors and Officers or do they have to be specifically named?
- When can the insured terminate or not renew coverage?
- Are any/all legal fees covered?
- Is the deductible too large?
- When and how do claims have to be made?
- Does the insurer have a good history of paying our on claims?
- Are there special endorsements that may be appropriate?
- Are the exclusions from coverage too broad?
- What offsets from the coverage apply?