What happens if someone attending your non-profit’s fundraiser falls and suffers serious injuries? Or if your organization is sued for a hiring or employment termination decision?
Like for-profit businesses, non-profit organizations face risks and potential liabilities, and insurance is an essential part of risk mitigation for all incorporated non-profits. (If the non-profit is not incorporated, any potential liability falls on the individual(s) who formed and/or run the enterprise.)
There are some risks — and, therefore, insurance coverages and programs — unique to non-profits. No single policy will cover every risk a non-profit could face. It’s important to work with an agent or agency with non-profit insurance experience so that a complete risk assessment can be completed. Then, an independent agent will be able to consider a variety of carriers and options and recommend a package of appropriate policies (at the best possible price) to best safeguard the organization, its employees and directors.
Most non-profits should consider a Non-Profit Directors & Officers Liability Insurance. D&O coverage goes beyond a general liability policy to specifically protect the personal assets of a non-profit’s board members in the event of a lawsuit. Many non-profits and their board members do not realize that they can be held personally liable for the acts of the organization. Non-Profit D&O Liability Insurance covers the cost of defense and settlements of judgements if wrongful act suits are filed against the organization.
There are many coverages geared to insure specific types of non-profit organizations, from supplemental policies that cover abuse to camps and fundraising events. There is no one-size-fits-all policy or coverage program. The first step is to understand the organization’s risks and then develop a package.
If you have concerns about a non-profit you direct, work for, or serve as a board member, contact your local agent today.
© 2023 Landrum Insurance Agency
Site by ALINE, A Marketing Company
The information presented on or through this website is made available solely for general information purposes. We do not warrant the accuracy, completeness, or usefulness of this information. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to this website, or by anyone who may be informed of any of its contents.
This website may include content provided by third parties, including materials provided by other users, third-party licensors, syndicators, aggregators, and/or reporting services. All statements and/or opinions expressed in these materials, and all articles and responses to questions and other content, other than the content provided by Correll, are solely the opinions and responsibility of the person or entity providing those materials. These materials do not necessarily reflect the opinions or beliefs of Correll or any of its employees.