Does Your Nonprofit Group Need Insurance?

Following is a transcript of this podcast episode, with audio/video below.

Welcome to the Two-Minute Treasurer’s Tip Podcast. I am your host Cyndi Meuchel, with MoneyMinder where our goal is to make your life as a volunteer way easier.

Ella writes: My PTA is really small and doesn’t generate much revenue. Do we really need insurance? Oh gosh, that’s an emphatic yes. I would go so far to say, if your group doesn’t have, at the very least, officer’s insurance, find another board to serve on. I’m not kidding.

Here’s the deal. If something happens while you’re a board member of your nonprofit, and you don’t have insurance, you could be sued. Personally. Insurance is designed to protect you from claims or lawsuits that hold you personally accountable. There are several types of insurance you want to consider: Liability, Bonding, Directs & Officers, Accidental Medical, Property, gosh there are others.

You’ll want to talk these thru with an insurance company to find the best solution for your group. And find out which ones apply and which ones
don’t.

But let me be really clear and let me repeat this. Insurance is a definite YES for your group. Don’t try to cut corners and save money. That’s not prudent. You want to go thru your term without worrying that one simple mishap, like an injury or a plain ol’ bad decision that someone made could cost your group money or land it in a lawsuit.

That’s it for today! Thanks for listening! My name is Cyndi Meuchel and this is your Two-Minute Treasurer’s Tip.

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