A Guide to Insurance for Nonprofits

A GUIDE TO INSURANCE FOR NONPROFITS KNOW YOUR NONPROFIT'S INSURANCE NEEDS GENERAL LIABILITY WORKERS' COMPENSATION Covers injuries incurred by visitors, associates Covers workers' medical costs if injured on the job Doesn't cover workers' injuries May be required by law PROPERTY AUTO INSURANCE INSURANCE Covers use of vehicles for nonprofit's activities Covers cost of property damage (ex: storm damage) Includes coverage of staff Ensure policy covers and volunteer personal cars building and contents PRODUCT LIABILITY PROFESSIONAL LIABILITY (AKA Covers items sold to ERRORS & the public to raise funds (ex: bake sales) OMISSIONS) Covers liabilities from nly sell products red it you mismanagement Similar to malpractice insurance DIRECTORS AND OFFICERS INSURANCE (DEO) ers costs of defending directors and officers from cases Cases include fraud, sexual harassment, criminal behavior WHY DEO INSURANCE IS CRUCIAL 63% of nonprofits had D&O claims from 2003-2013 Nonprofits have risk of for-profits of D&O suit the 85% of D&O claims were related to employment (ex: firings) TIPS FOR PROTECTING YOUR NONPROFIT BOARD EDUCATE D&Os about risks DEVELOP PROVIDE risk management strategies clear education about mission PROVIDED BY: GROSS & CO. INSURANCE 307 SEVENTH AVENUE 1925 NEW YORK, NY 10001 212-620-4040 GROSSINSURANCE.COM SOURCES: http://www.nolo.com/legal-encyclopedia/insur- ance-types-for-nonprofits-32393.html http://www.insurancefornonprofits.org/Insurance-For-Nonprof- its-Insurance-FAQ.cfm http://nonprofit.about.com/od/boardquestions/f/boardinsurance.htm http://www.npccny.org/info/oi2.htm https://www.travelers.com/business-insurance/management-pro- fessional-liability/documents/NPDO_Infographic.pdf