DIG Insurance & Business Magazine Summer 2021 | Page 27

A NEW ONLINE RESOURCE
DIRECTORS & OFFICERS LIABILITY
groups experiencing economic uncertainty or feeling pressure from cultural movements , there has been an increased risk of stakeholders alleging financial mismanagement or failure to promote equality and inclusion .
MISINTERPRETING BYLAWS .
In my experience serving on boards , the most common type of claim is when directors and officers do not follow the bylaws or misinterpret them . The oversight can be minor like the number of parking spaces a unit is allotted or more heated claims like the validity of a board member who ’ s up for election .
COVER YOURSELF : D & O AS AN ESSENTIAL POLICY
A Directors and Officers policy is different from general liability insurance because it provides specific coverage for a “ wrongful act ” including actual or alleged errors , omissions , misleading statements , neglect , or breach of duty . General liability is limited to claims related to property damage and bodily injury .
Any size business or organization can face accusations that impact the company , its officers , and the board . D & O insurance provides the following benefits :
• Legal cost reimbursement to defray potential legal fees
• An ability to attract board members and talent because it shows the business is invested in protecting its people
• Reassurance that an organization supports its leadership
THE BOTTOM LINE
Organizations that protect themselves and their leaders with a strong D & O policy can mitigate excessive legal expenses while sending a message to directors and officers that they are valuable and deserve protection . If a board member oversteps decision-making rules or bylaws , there could be exposure . Serving on a board with a solid D & O policy gives you the security of knowing your personal assets are protected from decisions the board makes . Be Sure you ’ re protected . Contact us today . +
BY : MEGAN MULLER , CIC CLIENT ADVISOR
Megan Muller joined Deeley in 2014 and specializes in condominiums , human services and non-profits . She volunteers on the board of the Lower Shore Clinic in Salisbury , MD . 410.213.5578 mmuller @ deeleyinsurance . com

WC CONNECT

A NEW ONLINE RESOURCE

For Injured Workers And Their Families
Chesapeake Employers ’ Insurance Company recently launched WC Connect , an online listing of support and recovery resources for injured workers .
WC Connect aims to put injured workers and their families in touch with organizations offering support and mentoring from those who have previously experienced — and survived — such injuries as severe burns , traumatic brain injuries , amputations , and spinal cord injuries .
WC Connect is the vision of Chesapeake Employers ’ CEO Tom Phelan , CPA . “ Seriously injured workers and their families often need and benefit from support provided by families who have experienced the same kind of life-altering event ,” explains Mr . Phelan . “ Chesapeake Employers ’ is passionate about helping our injured workers and their families recover from a serious injury . Support groups can help answer difficult questions , share valuable perspectives , and foster positivity .”
Since the pandemic began , there has been a rise in catastrophic workplace accidents . Chesapeake Employers ’ is committed to helping members reduce workplace accidents through safety services and education , preventing life-devastating injuries .
Founded in 1914 , Chesapeake Employers ’ Insurance Company is Maryland ’ s largest writer of workers ’ compensation insurance .
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