Gross & Company has made a name for itself as the most trusted nonprofit insurance provider in New York City, but nonprofit organizations aren’t the only ones who benefit from Gross & Company’s insurance expertise—you can benefit, too! Gross & Company offers personal insurance policies from some of the most reputable insurance companies in the United States. Personal insurance policies from Gross & Company include homeowner’s insurance, automotive insurance, disability income insurance, long-term care insurance, employment insurance, kidnap and ransom insurance, and travel insurance.
Contact Gross & Company today to learn more about these and other personal insurance policies. And if you or someone you know is looking to insure a nonprofit organization, Gross & Company can help with general liability, automotive liability, and D&O liability insurance for nonprofits in New York City. Call (212) 620-0922 to speak with an insurance agent today.
Directors and officers (D&O) insurance protects decision-making executives and personnel in the event they are personally sued by investors, employees, vendors, volunteers, and other such parties. Directors and officers can be sued for any number of reasons, even those who serve a non-profit. To protect yourself and other board members from personal loss resulting from litigation, contact a non-profit insurance provider in New York City about D&O liability insurance. Here are a few facts that highlight the importance of obtaining D&O insurance.
Organizations of Any Size Can be Sued
It doesn’t matter how small your non-profit is, organizations of any size can be sued for wrongdoing. D&O liability insurance is especially helpful for small non-profits since directors and officers of small organizations typically don’t have the resources the successfully fight litigation on their own, namely time and money.
General Liability Insurance Usually Doesn’t Cover D&O Claims
Take a good look at your non-profit’s general liability insurance policy—chances are you’ll find that it doesn’t protect directors and officers in the event they are sued. Most general and umbrella liability insurance policies exclude D&O coverage, so be sure to add D&O insurance to fully protect yourself, your board, and your organization.
D&O Lawsuits are Expensive
It can be difficult for non-profits to justify the added expense of D&O liability insurance, but not when you consider the average cost to settle and/or litigate D&O lawsuits is $225,682. That’s just the average; some D&O lawsuits have exceeded $5 million. A D&O liability insurance policy is a small price to pay to protect yourself and your fellow board members from personal and financial ruin.
D&O Liability Insurance Attracts the Best Talent
If you want your non-profit organization to grow, you need to attract the best executive talent. Smart, savvy executives understand the personal risk they assume as directors or officers, which is why the very best and brightest will demand D&O coverage as a condition of serving your non-profit. Even if D&O insurance isn’t a condition of their employment, it tells prospective directors and officers that you care about protecting their personal assets.
The board of a nonprofit faces the same risk of personal financial loss as the directors and officers of privately-held corporations. Financial-based claims can come from many different claimants, and it’s not unusual to see seven-figure losses resulting from such claims made against directors and officers of corporations and nonprofits. Although this video was intended for insurance carriers, it does shine a light on the fact that claims made against directors and officers have been rising as of late—which means your personal risk is rising, too.
D&O liability insurance coverage can round out your nonprofit’s general liability insurance policy by protecting yourself, fellow board members, and your organization as a whole from financial ruin in the event of a lawsuit. Contact an insurance provider in New York City that specializes in D&O liability insurance for nonprofits to learn more.