What is a critical insurance coverage for a non-profit and their board?
Matt worked with his first non-profit when he was fifteen. (We do so much volunteer work that we are debating moving fully to a special benefit corporation). Volunteer work holds an important place in our hearts. One of the simple rules is if it is important then insure it. One mishap and a nonprofit can lose years of progress from that lapse of judgment. Right after your articles of incorporation, the next document that your board should have is your insurance policy. Non-profit board liability insurance, also known as directors and officers (D&O) insurance, typically covers legal fees and damages arising from lawsuits against the non-profit organization's board members and officers for alleged wrongful acts or omissions committed in their roles as leaders of the organization. Specifically, D&O insurance may cover the following: 1. 1. Legal defense costs : This includes attorney fees, court costs, and other expenses associa...