Group Health Insurance 101

Group Health Insurance in New York While salary rates are typically important aspects that you would consider before taking a job, nonprofit insurance in New York City is another important element to consider. Affordable nonprofit insurance can help you boost employee morale as well as attract new hires. There are a few ways in which you can go about providing health care, and one of them is group health insurance. Continue reading if you would like to take a closer look at group health insurance.

Group health insurance may cover a full-time employee as well as his or her family members. This can make for an excellent bargaining chip when you need to recruit new employees. It also allows your employees to benefit from quality medical care, so they can return to work quickly should they sustain some sort of injury. They will be eager to do so because they will be appreciative of their jobs. Group health insurance can help you hold onto your trusted employees and prevent them from taking a different job, especially if the other opportunity offers benefits. If an organization that has more than 50 full-time employees does not offer health benefits, the company can be penalized.

Answers to Your Questions About D&O Liability Insurance

D&O liability insurance is also known as directors and officers liability insurance in New York City. This type of insurance can protect individuals who hold decision-making jobs in any given field or workplace. Policies do tend to vary, however, which is why it is important to purchase your insurance from a quality company such as Gross and Company Insurance . Read on for the answers to some of your questions about D&O liability insurance.

Liability Insurance New York What is D&O Liability Insurance? a
Directors and officers liability insurance is designed to protect individuals who might be legally targeted and held personally responsible for a corporate decision or mistake . If you hold a director or officer position or you make decisions for your company, there is always a chance that another person or entity will file a claim against you personally. Whether the claim is justified or not, this can result in extensive legal fees that you may not be able to afford on your own. Fortunately, directors and officers liability insurance can cover you by reimbursing you for these expenses. This can make directors and officers more comfortable and able to focus on their jobs.

Does the Policy Cover Past Acts?
Just like other types of insurance, individual directors and officers liability insurance will vary from policy to policy. In some cases, the insurance will only protect an individual throughout the duration of the policy. This means that you will not be covered for acts that were committed before you purchased the insurance. However, some policies will cover you for acts that you have committed in the past. It is important to go over the details of your insurance policy with your agent to make sure that you fully understand your agreement.

When is D&O Liability Insurance Necessary?
It is wise to have directors and officers liability insurance if your company does not indemnify its directors and officers. While indemnity would reduce or eliminate the need for this insurance policy, many companies are financially incapable of offering their directors and officers this service. This insurance can keep your assets safe if you find yourself in legal trouble.

How Liability Insurance Works

Liability insurance for nonprofits in New York City can offer tremendous peace of mind and comfort. Foregoing nonprofit liability insurance, on the other hand, can prove to be a colossal mistake that takes a lifetime to fix. Watch this video clip if you are interested in finding out how liability insurance works.

Accidents happen, and sometimes no one is technically at fault. Unfortunately, the victim of this accident will still require compensation. If someone is injured on your property and you do not have this type of coverage, you may be forced to pay for the damages using your personal money and assets. You may also have to pay your own legal fees in the case of a lawsuit, which can add up quickly. If you do have liability insurance, your policy can pay for the injury or damage instead, leaving you free of the responsibility of compensation.

Factors to Consider Before Choosing Nonprofit Insurance

non profit insurance in new york While nonprofit insurance is a valuable thing to have, many nonprofits forego this coverage for a variety of reasons. However, insurance for nonprofits helps your company find new employees to hire as well as retain the people that you currently employ. Keep reading if you are interested in taking a look at some of the most important factors to consider before choosing nonprofit insurance.

Financial Flexibility
One of the factors you should think about before choosing whether or not to purchase nonprofit insurance is your financial flexibility. Companies that bring in plenty of money might not have a problem offering their employees nonprofit insurance in the form of extensive health benefits. If you have a smaller company that employs few people, however, you may not have the budget for this type of insurance. Unfortunately, this means that some talented individuals may be less likely to work for your company because nonprofit insurance is a significant attractor of employees. It is important to assess your finances and work with a professional who can determine whether or not you have the financial room for nonprofit insurance.

Inclusion of Health Benefits
Once you have acquired a realistic idea of your financial situation, you can then decide whether or not to offer your employees health benefits. Again, this typically depends on the ability to provide nonprofit insurance rather than the willingness to do so because of the undeniable advantages that this type of insurance offers all parties. When a new hire considers his or her compensation, the person will look at the health benefits in addition to the paycheck.

Type of Coverage
If you have decided that you do have the ability to offer your employees health benefits, the next step is to determine exactly how you will go about doing so. Modern times have made several strategies available and popular including group health insurance plans and defined contribution health insurance plans. Group health insurance typically covers the employee as well as his or her family, while the latter is more like an allowance for employees.


Nonprofit Insurance 101

nonprofit insurance nyc Even though nonprofits do tremendous good in the world, they are equally as exposed to risk as individuals and corporations. For this reason it’s important that every nonprofit protect itself and its interests with nonprofit insurance . This article briefly touches on some of the most important components of nonprofit insurance, including general liability and D&O insurance. Because every organization’s insurance needs are different, speak with an insurance agent or broker in New York City who understands the complexities of insuring a nonprofit.

General Liability

Every nonprofit needs a general liability policy, which protects your organization against claims of personal injury and/or property damage. An insurance agent can help measure your organization’s risk and determine the amount of coverage your organization needs. Some factors used to measure risk and determine coverage include square footage, receipts, and the number of members or participants in your organization. If you are concerned that your general liability policy does not provide adequate coverage, you can take out an umbrella liability policy which provides additional limits (typically in incremental limits of $1 million).

Directors and Officers Liability

Directors and officers (D&O) liability insurance protects board members from personal financial loss resulting from litigation. Because directors and officers are typically sued for acts that result in financial damages and not bodily injury or property damage, these claims typically aren’t covered by general liability insurance. A broadly written D&O liability policy will cover a wide number of different allegations to minimize risk exposure.

Automotive Liability

Even if your nonprofit doesn’t have its own fleet, you still need an automotive liability policy. Automotive liability insurance will protect your organization against third-party claims when employees or volunteers are involved and at fault in an accident while driving their personal vehicles on behalf of your nonprofit. Automotive liability insurance also provides protection for any vehicles your organization rents or leases.