Following is a transcript of this episode of the Two Minute Treasurer’s Tip Podcast from MoneyMinder, with audio/video below.
Welcome to the Two Minute Treasurer’s Tip Podcast. I am your host Cyndi Meuchel, and today we’re discussing personal liability in your volunteer role.
Kyle says: I’ve been asked to volunteer as a board member for my HOA. Do I carry any personal liability by taking this on?
Good question, Kyle, and maybe not one that people always think to ask. No matter what kind of board you serve on, board members can generally be held personally liable if they did or failed to do something that led to harm or injury. That could mean physical, psychological, or emotional harm.
It’s important that your group be up to date with adequate insurance coverage. You should verify that coverage for any group you plan to volunteer with. If you have concerns about your personal liability, you should discuss those concerns with legal counsel to understand the limits on personal liability for your group in your state.
The most important takeaway here, though, is to make sure your group has liability insurance in place before you agree to volunteer with them. We spoke with Kerri from RV Nuccio & Associates recently about all things insurance. You can check out that podcast series for more information.
If you have a question you’d like answered, email it to me at [email protected]. My name is Cyndi Meuchel, and this is your Two Minute Treasurer’s Tip for today.