Directors and Officers (D&O)
Insurance for Startups

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Directors & Officers Insurance in a nutshell

What does it cover?

It protects board members and officers who are sued by customers, partners, competitors or regulators over decisions they make for the company. It covers legal defense (i.e. attorneys) costs and potential settlements, that otherwise would need to be paid from the personal pockets. It covers them even if they leave the startup.

When to purchase it?

Most companies buy it after raising a new round of financing, to comply with a requirement of the term sheet and the investors since they will likely put someone on the board and they want that person to be covered from legal liability.

How much does it cost?

After raising a series A, startups pay $9,600/yr on average. As a rule of thumb, if you have less than $50M in revenue, it will cost you ~$4K annually per $1M limit of coverage. Although prices can start at as low as $500 per $1M of coverage. And startups usually purchase limits between $1M and $3M.

Note: there are certain industries that have higher D&O risks (e.g., fintech or healthcare), so prices can be higher.

How long does it take to have it ready?

After submitting the application you get a quote estimation (i.e., you know the price). But before you can purchase it and activate the policy, someone at CoverWallet will need to manually verify the information provided and may request from you supporting documentation (e.g., financials).

Examples of Directors & Officers claims covered
Failure to comply with regulations
Claims from competition for trademark or IP infringement
Lawsuits from customers about breach of contract
Misuse of company funds
Misrepresentation in the financials of the company

Median cost of D&O Insurance for startups

Raised <$5M
Most companies have not bought D&O yet. The ones that buy it:

~$3,800   /year

Raised $5M-$20M

$9,600   /year

Raised >$20M

$17,000   /year

Our Simple Process

All in minutes

Step 1

Tell us about your startup

Complete our simple online application in just a few minutes.

Step 2

Review your quotes

You can get instant online quotes. Have questions? Speak to our startup experts to discuss options and tradeoffs.

Step 2+ (if necessary)

Submit documents

Some products like Directors and Officers insurance (D&O) will require you to provide additional documentation (e.g., financials).

Unlimited access

Manage your insurance

24/7 access to download policies and certificates, file claims, track payments, plus access to free expert advice.

Step 3

Purchase coverage

You can pay annually or monthly via credit card or ACH and download your proof of insurance coverage instantly.

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