Directors & officers insurance
A claims-made policy provides benefits only if you file a claim while it’s active. If you cancel your policy and then report a claim, you’ll have no insurance coverage.
Directors and officers insurance, also called management liability insurance, covers legal expenses when board members are sued over decisions they made on behalf of the company.
Directors and officers insurance costs depend on the size of your business and other relevant factors.
Tail coverage is an addition to a claims-made policy. It extends coverage for incidents that happened during the time you had your policy, but a claim was not filed until after your policy expired or was canceled. Tail coverage is another name for an extended reporting period.