Directors and officers liability insurance coverage for bad business decisions.

Safeguard your senior leadership with directors and officers liability insurance.

As the region’s largest city and home to the world’s largest naval base, Norfolk hosts a dense mix of corporate headquarters, maritime and logistics companies, healthcare systems, and cultural and civic institutions. Anyone sitting on a board or in a senior leadership seat here — whether at a downtown corporation or a community nonprofit — can be personally named in a claim over a decision made on the organization’s behalf. Directors and officers liability insurance, or D&O, helps cover the cost of settling those claims.

Safeguard Your Senior Leadership

Directors and senior officers are paid to make big decisions, but if those decisions are wrong, things can get very costly. D&O insurance helps cover the costs of settling claims for damages resulting from poor decisions. Policies typically cover costs related to wrongful decisions, but not those classified as criminal acts or designed to personally benefit a director — such as fraud or embezzlement.

What Is Covered by D&O Liability Insurance?

Examples of covered events include mistakes or missing information in company financial documents, or failing to properly enforce HR policies. Depending on Virginia’s rules on director indemnification, a policy may cover damages and costs paid by the individual or by the business.

  What kind of D&O insurance policy do you need?

There are different types of D&O policies — some cover individual managers, others cover the company as a whole. A Norfolk-based corporation, a port-related logistics firm, and a community foundation board will typically each need a different structure.

  How much does D&O insurance cost?

The cost of your D&O policy may vary depending on the size of your business, the industry you are in, business finances, revenue, and history of claims related to D&O.

  How does D&O protect your business and senior leadership?

Coverage may include costs of legal fees, settlements, and losses when actions such as failure of regulation compliance, breaches of financial duty, errors in reporting, and more.

Why It Matters in Norfolk

Norfolk’s role as a major port and naval hub means many local companies operate under significant regulatory and contractual complexity, and leadership decisions can draw scrutiny from investors, regulators, or business partners. The city’s dense concentration of hospital systems, universities, and long-standing cultural and civic nonprofits also means a large number of Norfolk residents serve on boards where fiduciary, employment, and fundraising decisions carry real personal exposure.

Important Policy Options to Consider

Review your D&O policy carefully — coverage periods often key off when a claim is made, not when the underlying mistake occurred. You’ll also want to decide between an indemnity policy, where your organization’s own legal team handles defense, or a duty-to-defend policy, where the insurer manages defense costs directly.

If you’re looking to protect your Norfolk business or organization from potentially costly decisions made by directors and officers, contact us to go over your needs, risks, and coverage options.