Best D&O Insurance for Startups (2026)
Startups usually buy D&O because an investor's term sheet asks for it, but the term sheet will not tell you how a policy treats a co-founder or investor suing the board, regulator inquiries aimed at the company, or your private placement. Start early and compare quotes on those three points.1,6,8
10 providers document D&O Insurance for startups. TechInsurance, Founder Shield and Embroker rank highest on Spot’s evidence ranking.
Updated
Which Providers Document D&O Insurance for Startups?
- Rank 1
Named for Startups
- Broker Spot Score · Assessed 2026-09-22 · TechInsurance as a division/brand of Specialty Program Group LLC, doing business as SPG Insurance Solutions, for small-business and…
TechInsurance targets D&O at companies with an active board, naming employers with employees or stockholders, venture-backed startups (where investor term sheets often require the coverage), and nonprofits (where most states require a board of directors) as examples. 9
Company-reportedD&O product page, Who needs D&O insurance coverage? section.
- Rank 2
Named for Startups
- Broker Spot Score · Assessed 2026-09-22 · Foundershield LLC/Founder Shield brokerage activity and the separate The Baldwin Group Specialty Solutions, LLC entity named by the website…
Founder Shield targets D&O at public and private businesses, venture-backed companies (it says almost every institutional term sheet requires the coverage), and businesses owing more than $1 million to creditors. 3
Company-reportedDirectors & Officers Insurance product page.
- Rank 3
Named for Startups
- Broker Spot Score · Assessed 2026-09-22 · Embroker, Inc. and Embroker Insurance Services LLC as a U.S. digital insurance platform and producer; product-specific insurers include…
Embroker markets D&O to any private or public company with a board of directors, startups that have received or are about to receive venture capital funding, and nonprofit corporations, saying VC and private equity investors commonly require it before funding. 10
Company-reportedProduct-page eligibility and 'Why Do Startups Need D&O Insurance?' sections; not a guarantee of coverage for a particular company.
- Rank 4
Named for Startups
- Broker Spot Score · Assessed 2026-09-22 · Amelia Risk Insurance Brokers as the brokerage brand and operating name evidenced on its current official website, with US startup…
Amelia Risk lists D&O among the policies it places for startups, technology companies, CPG brands, and consumer-product companies. 11,12,13,14
Company-reportedSpecialty pages' "policies to consider" lists, marketed segments rather than an underwriting appetite statement.
Amelia Risk says most companies consider D&O once they've taken outside funding, that Series A term sheets usually require it, and that it's becoming more common to see D&O bought at the seed stage as seed rounds grow larger. 1,2
Company-reportedD&O product page timing guidance, restated in more detail by co-founder Danielle Holyoake in the company's podcast episode.
- Rank 5
Named for Startups
No review scoreReview Score
- Broker Spot Score · Assessed 2026-09-22 · RiskCube Insurance Services, LLC as the producer/broker and RiskCube, Inc. as platform/operational support. RiskCube’s own disclosures say…
RiskCube targets D&O at startups raising institutional funding rounds or adding board members, and at regulated sectors such as AI, fintech, govtech, defense and space, saying investors and boards increasingly require D&O as a closing condition. 4
Company-reportedD&O product page "Who needs D&O insurance" section.
- Rank 6
Named for Startups
No review scoreReview Score
- Broker Spot Score · Assessed 2026-09-22 · Risklytics, Inc. dba Risklytics Insurance Services as a US insurance producer/broker serving technology and specialty risks through the…
Risklytics describes D&O as protecting a founder's personal assets when an investor or regulator sues over how the company was run, citing an investor suit after a down round and a regulator inquiry into AI capability claims as examples, and distinguishes it from Tech E&O, which answers a customer's product-failure claim instead. 5
Company-reportedLines page; the issued policy and declarations control actual coverage.
Risklytics says the norm is buying D&O at or before a startup's first priced round, since term sheets and incoming board members typically require it as a closing condition. 5
Company-reportedLines page.
- Rank 7
Named for Startups
No review scoreReview Score
- Broker Spot Score · Assessed 2026-09-22 · Kinro Insurance Services LLC and the Kinro/Kinro AI technology-enabled distribution service for U.S. small-business commercial insurance.…
Kinro says D&O commonly fits startups, funded companies, boards and executive teams, and typically comes up when a business has outside investors, a formal board or debt covenants, or a financing or customer contract requires management liability coverage. 6
Company-reportedDirectors & Officers page "Common fit" and "Triggers" sections.
- Rank 8
Named for Startups
No review scoreReview Score
- Broker Spot Score · Assessed 2026-09-22 · StartupInsurance.ai brand and ContractorNerd Insurance Services LLC as the disclosed agency/intermediary for startup and technology-company…
StartupInsurance.ai frames D&O as coverage founders typically need once an investor's term sheet requires it, positioning the line for venture-backed startups with a board rather than pre-revenue companies with no outside investors. 15
Company-reportedHomepage narrative example; not a stated underwriting eligibility rule (e.g., minimum funding stage or headcount).
- Rank 9
Named for Startups
Not ratedSpot Score
No review scoreReview Score
Relm targets companies in disruptive or fast-changing sectors, naming Web3 founders, biotechnology leaders and AI pioneers as examples, and says any company with a board benefits, with startups especially needing it to attract executives. 16
Company-reportedFinancial Lines page framing; not a guarantee of eligibility for a particular company.
- Rank 10
Related mention
Not ratedSpot Score
No review scoreReview Score
Corgi sells D&O as a standalone startup policy and also bundles it into its stage-based packages starting at pre-seed and seed, describing it as protection for directors and officers against personal financial liability for management decisions. 8
Company-reportedProduct page for form CORG-DO-0100, last reviewed by Corgi on April 24, 2026 per the page itself.
The standard policy excludes claims from registered public securities offerings, but a carve-back preserves coverage for exempt transactions such as Regulation D private placements, which Corgi says covers how most startups raise capital. 8
Company-reportedScenario notes for form CORG-DO-0100; not every fundraising structure automatically qualifies as exempt.
How Did Spot Rank D&O Insurance Providers for Startups?
Spot lists a provider only when its published D&O Insurance information includes a documented claim (verified or company-reported) about eligibility, role, coverage or application that mentions startups. “Named for Startups” marks a provider’s own statement of who it serves; “Related mention” marks a role, coverage or application claim.
Providers with both a Spot Score and a Review Score rank first, then providers with one of the two, then providers with neither. Within each group the order is the equal-weight average of the scores the provider has, as in the industry guides; ties break on fit, then the number of documented claims, then name.
The Spot Score comes from Spot’s reliability assessments and the Review Score from the provider’s rated review sources. Neither measures whether a policy fits your business or what it costs. How Spot Scores work.
Spot, a product of Tools for Enlightenment, publishes this research and works in the commercial insurance market. Editorial policy.
What Do Startups Need From Directors and Officers Insurance?
Funding sets the timing. Insurers that sell to startups say Series A term sheets usually require D&O, that it is increasingly bought at the seed stage, that almost every institutional term sheet requires it, and that a new lead investor's board seat or observer makes it a closing condition. That is their description of their own market, not an independent survey, so read your own term sheet.1,3,4,5
Debt and contracts can trigger it too. One insurer asks whether you have outside investors, a formal board or debt covenants, and says it comes up when a financing or customer contract asks for management liability coverage. Look for the clause in your loan documents as well as your equity paperwork.6
Know what the policy is for. Delaware lets a corporation buy insurance for its directors and officers whether or not it would have the power to indemnify them, so a policy can protect people the company cannot or will not reimburse. One startup insurer's form summary splits this into Side A, paid to individuals directly when the company cannot indemnify them, for example when it is insolvent; Side B, which reimburses the company when it does; and Side C, for the company itself.7,8
Do not wait for a transaction. One insurer says claims tend to come at transactions such as an acquisition, an IPO, a bankruptcy or another funding round, and that buying just before a sale leaves earlier decisions uninsured. It says underwriting can take days to a few weeks and suggests budgeting two to three weeks.2
Which Directors and Officers Exposures Do Startups Face?
Your claims come from the people who funded and built the company. One startup insurer's illustrative scenarios are investors suing the board over inflated revenue projections shown during a raise, a former co-founder alleging improper dilution in a funding round, and the SEC sending a CFO a Wells notice over statements about a private placement. Another cites an investor suit after a down round and a regulator inquiry into AI capability claims.5,8
Founder disputes can fall under the insured-versus-insured exclusion. The same form summary says claims by one insured against another, such as a co-founder suing the board, are generally excluded, with carve-backs for whistleblower actions, derivative suits not solicited by an insured, and claims by a bankruptcy trustee.8
Regulatory cover may stop at the individual. In that form summary, investigations are covered for directors and officers who receive a Wells notice, subpoena or target letter. Investigations of the company itself and informal inquiries and document requests are not covered, and an optional endorsement broadens cover for informal inquiries and document requests.8
A securities exclusion sits close to your fundraising. The summary says the policy excludes claims arising from registered public offerings and securities-law violations, with a carve-back for transactions exempt from registration such as Regulation D private placements. It adds that not every fundraising structure qualifies automatically.8
What Should Startups Check Before Buying Directors and Officers Insurance?
Ask for Sides A, B and C quoted separately, with the retention on each. In the form summary, Side A carries no retention, Side B and Side C do, and defense costs sit inside the limit, so they reduce what is left for settlements and judgments.8
Ask three startup-specific questions in writing. Do the insured-versus-insured carve-backs reach a co-founder suit? Does the policy respond to an investigation of the company, or only of individuals? Does the securities exclusion carve back your exempt rounds, such as the Regulation D offerings you actually run?8
Match the policy to your documents. Take the insurance clause from your term sheet, loan agreement or customer contract to your broker and ask them to show where each requirement is met. Do this before the closing timeline is tight.5,6
Plan for the next policy. D&O is claims-made, so when you replace a starter policy with a larger one at the next round, ask what retroactive date the new policy carries and whether earlier fundraising decisions stay insured.2,8
What Do Startups Ask About D&O Insurance?
Do Startups Need Directors and Officers Insurance?
Often an investor decides. Insurers that sell to startups say Series A term sheets usually require it and that it is increasingly bought at seed, while one adds there is no one-size-fits-all rule. Read the insurance clause in your term sheet and loan documents.1,2
Does D&O Insurance Cover Co-Founder Disputes for Startups?
Not by default. One startup insurer's form summary says claims by one insured against another, such as a co-founder suing the board, are generally excluded, with carve-backs for whistleblower actions, some derivative suits and bankruptcy trustee claims. Ask which carve-backs your quote has.8
Does D&O Insurance Cover Private Fundraising for Startups?
It can, if the policy carves back exempt offerings. One insurer's form summary excludes claims from registered public offerings and securities-law violations but preserves coverage for exempt transactions such as Regulation D private placements, and warns that not every structure qualifies. Ask how your rounds are treated.8
When Should Startups Buy Directors and Officers Insurance?
Before a transaction is close. One insurer says most companies consider it once they take outside funding, Series A term sheets usually require it, and waiting until a sale is imminent leaves earlier decisions uninsured. It suggests budgeting two to three weeks for underwriting.1,2
Sources for D&O Insurance for Startups
Sources for the Segment Guidance
- Directors & Officers Liability (D&O) Insurance. Amelia Risk; When should a company buy a Directors & Officers Liability (D&O) Policy? Accessed 2026-10-01.
- Beyond the Certificate (podcast transcript). Amelia Risk; D&O segment: when claims arise, underwriting timing, why not to wait for a transaction. Accessed 2026-10-01.
- Directors & Officers Insurance. Founder Shield; Who Needs D&O Insurance Coverage? (investors and term sheets). Accessed 2026-10-01.
- Directors and Officers (D&O) Insurance. RiskCube; Who needs D&O. Accessed 2026-10-01.
- Management liability: Directors & Officers. Risklytics; Built for moments like these; When to buy. Accessed 2026-10-01.
- Directors & Officers. Kinro; Common fit; Triggers. Accessed 2026-10-01.
- Delaware General Corporation Law §145 Indemnification of officers, directors, employees and agents; insurance. State of Delaware; §145(g) insurance. Accessed 2026-10-01.
- Directors & Officers (D&O) Insurance for Startups: form CORG-DO-0100 summary. Corgi; What the policy pays for; Scenario notes; Policy notes; Available Add-ons (page last reviewed April 24, 2026). Accessed 2026-10-01.
Sources for the Ranked Providers
- Directors and Officers Insurance (D&O) Quotes Online. TechInsurance. Accessed 2026-09-23.
- Directors & Officers Insurance Coverage: D&O Explained. Embroker. Accessed 2026-09-23.
- Insurance For Startups. Amelia Risk Insurance Brokers. Accessed 2026-09-23.
- Insurance For Technology Companies. Amelia Risk Insurance Brokers. Accessed 2026-09-23.
- Insurance For CPG Companies. Amelia Risk Insurance Brokers. Accessed 2026-09-23.
- Consumer Product Insurance. Amelia Risk Insurance Brokers. Accessed 2026-09-23.
- Startup Insurance | Coverage that clears the review. StartupInsurance.ai. Accessed 2026-09-23.
- Financial Lines Insurance. Relm Insurance. Accessed 2026-09-23.
