New Tips About Nonprofit Insurance

August 16, 2022

In this episode of the NP Local podcast, Join Jason Cass and Scott Niermann as they discuss the most important forms of nonprofit insurance, and the latest tips and tricks to be sure your agent gets you the best coverage. You don’t want to miss this episode if you are shopping for insurance policies, wondering if your agent is doing the best work for your nonprofit organization, or if you want to be sure to protect your agency from cyber crimes!

Episode Highlights:

  • Scott explains that if you have a high net worth, you should be aware of the organization’s D&O limit so that it can function in combination with other policies you may have. (2:26)
  • Jason discusses what Directors and Officers’ “D&O” liability is. (3:03)
  • Jason explains that having an insurance person on the board gives great guidance, but you must also ensure that they understand that social services, directors and officers, nonprofits, are unlike other sectors. (6:14)
  • Scott discusses that having board education sessions or having an insurance agent attend a board meeting and talk about fiduciary duty and other decision-making liability is beneficial. (8:01)
  • Jason explains Employment Practices Liability as any practice for which you may be held accountable as an employer. (8:49)
  • Jason discusses the third-party Employment Practices Liability coverages. (11:39)
  • Jason explains why having a policy that includes coverage for volunteers is important for nonprofits and social services. (13:58)
  • Jason explains what cyber liability is and why it is important in a local organization. (14:53)
  • Jason defines the different types of coverage in a Cyber Liability policy. (16:47)
  • Scott shares his experience as a cyber attack victim. (17:56)
  • Jason explains how cyber attackers generate money. (18:58)
  • Jason explains how “blocking the markets” exists and what should be done when this happens. (22:11)

Key Quotes:

  • “Having an insurance person on the board gives great guidance, it really does. But, you also have to make sure that they understand that social services, directors and officers, nonprofits are completely different than any other sector out there.” – Jason Cass
  • “Somebody asked me not long ago also what the limit was on the organization’s D&O. Because, I think when you have a high net worth, you need to know that so that it works in conjunction with other policies you may have.” – Scott Niermann
  • “Just know that the insurance markets are changing every year. And this is where you can get the latest and encourage you to keep in contact with your agents so that you can know what’s going on and know what to expect when you come up for renewal.” – Scott Niermann

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