Why is insurance important?
- Insurance is a protection against loss, especially catastrophic loss, should something negative happen. Quality insurance is necessary to protect the organization, board members, staff and volunteers. Insurance, when needed, helps restore damage to resume serving and fulfilling the mission
What are key insurance products to look for when selecting insurance coverage?
- General liability (theft, slip and fall).
- D&O (Directors’ and Officers’ Liability) to cover the cost of defending against a legal action or the possibility of personal liability, especially related to hiring and firing of employees.
- Professional liability that covers staff, including peer-counselor and volunteer liability.
- Liability coverage for medical personnel, if you are a clinic.
- Cyber-security is increasingly important to consider.
