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.
Olivia writes: My PTO just formed. We’re trying to figure out what kind of insurance we should have. It doesn’t look like you just “get insurance”. Instead, there are lots of different things you choose from. How do we know which ones we need?
You’re right Olivia. The insurance thing can be really confusing. Let’s talk about some types of insurance you might look at and then we’ll talk about figuring out what makes sense for your group. An insurance carrier can help you put together a policy with various coverages. Some that you might consider are:
- General liability that covers your group in the event someone gets hurt at one of your events.
- Accidental medical. This is added coverage to an individual’s own personal medical insurance.
- Crime. Unfortunately, embezzlement seems to be all-too-common these days. This coverage would protect you on some level, if money is stolen.
- Directors & Officers liability. If one of your officers were to misrepresent or mismanage you group and you were sued over that, you would
personally be covered with this insurance.
- Property. This would protect items that your group might own. Things like laptops and popcorn machines.
If I were in your shoes, I would look at these coverages and consider which ones might apply to my group. For example, if we don’t own any property like a laptop or popcorn machine, we probably wouldn’t need property insurance.
The best thing you can do is to talk to an insurance rep who specializes in nonprofits to find the best coverage for you.
That’s it for today! Thanks for listening! If you have a question you’d like answered, just email it to me at [email protected] My name is Cyndi Meuchel and this is your Two-Minute Treasurer’s Tip for today.