Why Not-for-Profit Insurance

I want to talk about one of my passions in both my life and my profession, the Not-for-Profit Community.  Albany, NY and the greater Capital Region has ~2,000 not-for-profit organizations serving our wonderful region (FYI… Upstate New York is considered by many world scholars to be the Greatest Place on Earth).

Not to go political but I am a big believer in Community, and not that high on Government.  To that point I believe the impact a small driven not-for-profit organization can make living and breathing their mission every day is exponentially larger than any government feeding trough…

Not-for-Profit Insurance

The charitable community in the Capital Region is very robust.  Upstate New Yorkers, (being the Greatest People on Earth), as very giving with their time, assets, and skills to help not-for-profit organizations thrive.

However, charitable organizations can present very unique and dynamic risks.  In the case of individuals volunteering on a Board of Directors, personal responsibility and liability are put on the line with every decision.  This makes volunteering for charitable organization risky business.  That shouldn’t stop you from participating but does not understanding and protecting against risk even more important.

I have talked before about the importance of Director’s and Officer’s insurance and EVERY BOARD OF DIRECTORS no matter how big or small should carry D&O.

Today I began thinking about all of the other exposures and risks that NFPs face (including but not limited to General Liability, Fiduciary, Employment Practices, Business Auto, Sexual & Abuse Liability, Crime, Workplace Violence, Internet Liability…) and the effect a large loss could have on an asset strapped not-for-profit organization.

Protecting Your NFP Organization Series

Over the course of the next month I going to outline all the coverages that a not-for-profit organization needs to consider for their insurance program.

Think about it, one large uncovered or under-covered loss could put a NFP right out of business.  Which is not only a loss for the organization and it’s employees but for the community as well as the service that NFP provided will no longer be available… Now that is a Tragedy…

Please look for future features in this series to cover NFP insurance and encourage you to add your thoughts and experience.

Disclaimer:

This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions take or not taken by the readers based upon such information.

Thank you,

Ryan H.

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