As the head of a non-profit organization, you make it your life’s work to take care of others. However, that doesn’t mean you should neglect to take care of yourself. In the event that your organization is sued, liability insurance will protect you and the non-profit from financial ruin. Here is a look at the liability insurance needs for non-profit organizations. Contact an insurance provider in New York City that specializes in non-profit insurance policies .
General Liability
This type of liability coverage protects your organization against allegations that someone suffered personal injury or property damage arising from your premises, your operations, or your products (if applicable). When shopping for general liability insurance, the amount of coverage will depend on a number of different factors used to measure your organization’s risk, such as square footage, receipts, and payroll. Schedule a consultation with an insurance provider in NYC to learn how much coverage is appropriate for your organization.
Volunteer Liability
Most non-profits rely on volunteers on a daily basis. If your organization accepts volunteer work, make sure that your general liability policy includes coverage for bodily injury and property damage specifically by non-employees. However, your organization may also choose to insure volunteers separately to protect the organization’s own available limits. Your non-profit insurance provider can recommend the right volunteer liability insurance coverage for your organization.
Directors and Officers Liability
The directors and officers of non-profit organizations face virtually the same exposures to lawsuits as corporate executives. If your organization is ever sued for wrongful acts, you and other executive members could be held personally responsible for mismanagement of the organization and its resources. Such lawsuits are not covered by general liability insurance, which is why you should take out a directors and officers (D&O) insurance policy in addition to general liability coverage.