Does your club or NFP have the right kind of insurance? It’s not the most enjoyable topic to discuss with your board, but it’s really important that you do.

Some time back we wrote a post on the different types of insurance you might need to think about. The main ones to consider are Public Liability, Personal Accident, and Directors and Officers Liability.

If you are providing any financial services to an organisation as a volunteer, it is wise to protect yourself with Public Indemnity insurance. “This covers individuals of the organisation against claims made where there is a breach of professional duty such as, for example, a result of an error, omission, negligence, loss of information or bad advice that has occurred while performing their professional activities.”

There is a separate risk profile for those who accept an office bearer’s position, which is known as directors and officers. They need to be covered by Directors and Officers Liability. “This covers board or committee of management members for losses if a claim is made against them as a result of providing wrong advice, acting negligently or incorrectly such as dismissing a staff member without following due process or asking them to undertake a dangerous activity.”

There are situations where public liability insurance, alone, is not sufficient. You may need, for example, personal accident insurance to cover your voluntary workers, especially if they are out in the field.

If you have not thought about insurance, or perhaps you’ve not updated it for a while, talk to a professional insurance advisor about your needs. It’s wise to be fully cowered.