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Business Insurance: Not for Profits

How does General Liability differ from Professional Liability?

  • General Liability is referred to as “trip and fall” insurance. Professional Liability covers errors or omissions, malpractice, and association professional liability issues. A General Liability policy excludes professional liability and vice versa.

What insurance do I need to attract board members and protect them?

  • Directors’ and Officers’ Liability protects a not for profit and the board members should be included.  Legal defense is one of the most important coverages provided.

What if my not for profit has special events for fundraising?

  • It is important to make sure that general liability (bodily injury and property damage to others)
  • Extends to your event.   When you have Children’s activities, wine or beer gardens and food, there are all sorts of exposures to consider.

How do I protect my expenses should an event cancel?

  • If you have prepaid a large number of expenses, you may also want to consider event cancellation coverage.
  • If the event is outdoors, you may want to consider rain insurance.

How do we handle Liquor Liability?

  • No all policies include Liquor Liability.  Be sure that you carry this important coverage when liquor serving or liquor sales are being made.
  • Coverage can be written for all events or just one event.

What about insurance offered by Trade Associations?

  • Trade Associations have lots of exposures that can vary from one organization to another.
    • Are  there qualifications for membership?
    • Do you render certifications or judgments?
    • Do you have special events, fundraising and social events?
    • Do you have a Political Action Committee?
  • All these exposures need to be considered.

Do I have an employment practices exposure ?

  • If you have employees you have employment practices exposures for libel, slander, sexual harassment and wrongful termination.

I have a retirement plan for my employees – what do I need?

  • An ERISA Bond for 10% of the dollars in the fund.
  • Fiduciary Liability for the management of the retirement plan

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