Are you a director of a charity group? You might be thinking about what type of insurance to take out for your nonprofit. Insurance like standard liability, property insurance and any workers’ compensation coverage required should financially cover most of the risks facing your organization. Have you considered directors’ and officers’ liability insurance?
It’s false to assume that directors of nonprofit groups cannot be sued because they’re volunteers. It is smart to make sure that members and officers in your nonprofit have coverage for any possibility of being sued as a result of malpractice or other claims like sexual harassment or wrongful dismissal. Should this type of claim be made and is successful, the nonprofit group might be forced to take the compensation out of its cash reserves if it has neglected to get insurance coverage.
This is why it might be an excellent idea to think about purchasing directors’ and officers’ liability as part of your nonprofit insurance. This coverage may offer you economic protection in the event of any successful actions against directors and officers who’re members in your group. For further information, why not contact one of our agents for a quote?
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