Numerous organizations, including not-for-profit ones, professional bodies and groups that represent trade industries, amongst all others, are considered to be "associations". They are responsible for a great variety of activities, and their ever-increasing importance is a testimony for their significance for the community. And with their growing significance, there is a notable increase in liability and both individuals as well as the associations can be held responsible for the errors or mistakes they have committed, despite their charitable or non-profit nature. Adapting to the ever-changing legal environment requires a versatile protection, and association liability insurance is exactly that.
What Are the Risks Associations Face
Associations can be sued for a variety of reasons, some of which include ineffective administration, inadequate supervision, discrimination, employee theft or misuse of assets. The list is almost endless, so ensuring a proper protection is essential for each and every community organization. But it is not only the association in risk, its members, including voluntary workers, board members, the management committee and officers are also legally liable for their actions and decisions. And this is where association liability insurance comes into play - they are every organization's first and most important line of defense. Association liability insurance comes in various forms and depending on the needs of every association, they can cover almost all risks organizations face.
A Variety of Insurance Solutions for Every Association
Liability of directors and officers, cover of fidelity and tax audit, as well as fines and penalties, documentation loss, property damage and personal injury are just some of the protection association liability insurance provide. They usually come in different packages to suit the needs of every association. The officers liability package covers executives' personal liability against claims, professional indemnity covers the organization against claims for financial losses or damages due to negligence. Almost every insurer out there offers a custom selection of packages under different names and with different covers, so every organization will most likely be able to find exactly what it needs.
Association Liability Insurance is a Necessity
The risks for associations are increasing every year and organizations have to ensure their safety and the safety of their members. Every member, even past directors and workers, can be held personally responsible for their actions and failing to protect them can be devastating both for them, the reputation of the association, and for the organization itself. With the help of association liability insurance, every not-for-profit or charitable organizations can ensure its future and the safety of its members. This is no longer an additional safety measure; it is a necessity for every association.
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