Is Liability Insurance For A 501c3 Required?
A nonprofit organization should obtain general liability insurance in Glendale to protect the organization, its assets, managers, staff, and should include coverage for volunteers. The general liability policy provides protection for the organization for financial damages if the organization is found liable, and it also provides defense coverage for lawsuits brought against the organization. The organization should also obtain Directors & Officers Liability insurance, workers’ compensation insurance, non-owned auto liability insurance, and Glendale professional liability insurance, if applicable, and any state mandatory insurance. Other coverages that a nonprofit organization should also look into are Property insurance, Fiduciary insurance, and in some cases, Meeting Cancellation insurance.
By acquiring these policies, you can help to protect both the organization, the staff, and also volunteer leaders against the risks that could arise in the functioning of your nonprofit’s operations. These policies together can operate as a safety net in the event that other risk management practices fail, even when there is no fault of the organization or its management. By purchasing these types of policies, and making sure that the coverage is specifically designed to the nonprofit’s risks is the best way to ensure that the nonprofit is protected should it be named in a lawsuit.
We advise you to contact a Glendale PJO insurance agent who has experience in this particular area, and have them put together a complete insurance review and plan for the nonprofit.
Reposted from Quora: https://www.quora.com/Nonprofit-Organizations-1/Is-Liability-insurance-for-a-501c3-required
PJO Insurance Brokerage
By Patrick O’ Neill
4103 E. Prickly Pear Trail
Phoenix, Arizona 85050