Examining the Insurance Needs of Non-Profits
Running a non-profit organization is a great way to give back to the community and help the less fortunate. However, that doesn’t mean running a non-profit organization is easy. On the contrary, non-profit organizations can be incredibly difficult to run successfully. In addition to local and federal requirements and standards for non-profits, there’s also the matter of insurance needs for non-profit organizations. Here is a look at two of the most important insurance policies for non-profits: Group health insurance and D&O insurance .
Group Health Insurance
If you run a non-profit organization, offering health insurance to your employees is a great way to show your appreciation. While no non-profits are obligated to provide benefits for part-time employees, non-profit organizations are encouraged to provide health insurance to permanent, full-time employees who work more than 30 hours per week. Organizations that have more than 50 full-time employees need to purchase group health insurance or risk a penalty. Group health insurance policies for non-profits are available at low rates to suit your organization’s needs.
Director & Officer Insurance
D&O insurance is a type of liability insurance designed to protect directors, officers, and other executive personnel within a non-profit organizations from litigation. When a person becomes a board member or executive of a non-profit organization, he or she assumes a level or responsibility for the organizations and its actions. This means executive personnel are exposed to claims for not running and managing the non-profit organization successfully. While D&O insurance doesn’t give your organization license to act irresponsibly, it can help cover the losses sustained during certain legal proceedings.
If you run a non-profit organization, look for an insurance firm that specializes in providing group health and D&O insurance policies for non-profits in New York City. This will ensure that all of your needs are met, and that you receive the perfect insurance policy to cover your non-profit organization.