professional liability insurance

Distinguishing Between Essential and Optional Insurance Types for Nonprofit Organizations

Has your company been in the process of deciding which types of insurance to get? Before you lock down your non profit liability insurance package, it’s important to understand which types of insurance are essential for your organization and which are optional, but may be helpful. Here’s how you can distinguish between the two.

Ensure Your Organization Have Essential Insurance in Place First

Before you can add on extra insurance, it’s important to have the basics in place. This usually means having broad liability coverage as well as a workers’ compensation program. Look for a basic package that includes:

  • General liability protections
  • Workers’ compensation
  • Auto liability insurance
  • Directors and officers liability insurance

Choose Additional Coverage Based on Your Organization’s Unique Needs

Once you have a base layer of insurance in place, look for add-ons that suit your organization’s particular needs. For instance, depending on your company specialty, you may require:

  • Cyber liability coverage
  • Property insurance
  • Theft and crime coverage
  • Employment liability coverage

As your company moves through the process of finding the right non profit liability insurance packages, it’s critical to distinguish between which coverage types are essential and which are optional but perhaps helpful. Review these rules of thumb to help you find the appropriate coverage for your non profit.

professional liability insurance

Professional Liability Insurance for PEOs

Professional employer organizations are in the business of being the boss, and are usually good at what they do. With authority comes responsibility, however, and the need for PEO professional liability insurance is substantial. Here is an explanation of what PEOs do and the risks they face.

What PEOs Do

A PEO partners with companies to relieve them of leadership responsibilities associated with managing personnel. As co-employers, they provide the following services:

Risks PEOs Face

Running a PEO encompasses all the financial risks associated with any business, such as having members of the general public sue for personal injury or copyright infringement. Besides these, a PEO also assumes risk from its clients, including liability for the actions of their co-employees.

What Professional Liability Covers

Professional liability protects a PEO from claims that it made mistakes causing a client to lose money. Examples of potential claims include the following:

  • Giving bad advice
  • Neglecting to fulfill contractual agreement
  • Misrepresenting employee benefits

Professional liability insurance protects PEOs from claims that occur as it fulfills its duties of managing another company’s human resources. Whether or not the claims are true, a good policy can pay to defend a PEO’s reputation.

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Putting Safety First When Working with Scaffolding

If your upcoming project requires the use of scaffolding, there are some important procedural details that you need to evaluate before you begin. It’s imperative that you work with a qualified crew that is experienced in safe assembly and use.

Scaffolding Structures Need to Be Installed by Professionals

If you need to use any type of scaffolding structure, you need to enlist professional help. This is true of even small structures meant to accommodate only one worker at a time. Likewise, if there’s a problem with a structure that has already been assembled, you need to call in professional help. Even if you think that you can easily identify the problem, you should have a professional address it so that you can be sure that it’s repaired in its entirety and that the repair will be effective. Scaffolding safety takes priority over all other aspects of your project such as costs or deadlines.

Any Adjustments, Raises, or Relocations Should Be Handled Professionally

If you wish to move or raise an already assembled structured, professional help is absolutely necessary. When a system that appears solid is moved, its structural integrity is compromised. A professional is in the best position to thoroughly evaluate the best and safest way to move a system.

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EO Insurance Customized To Your Profession and Niche

Professional liability insurance is an incredibly varied form of coverage, in no small part because of the wide variety of professions that need it to operate. There are a lot of common issues faced by individuals in highly skilled fields like the law, finance, and medicine, but their specific areas of exposure to liability can vary quite a bit, even within an industry. Accountants and investment brokers, for instance, have very different niches within the finance industry. That means they need different things from professional E&O coverage, even if they have a few broad protection needs that do converge. It’s obviously even more pronounced when comparing completely different professions like law and medicine.

Coverage Built Around Your Business

There are two ways to go about finding professional liability insurance. You can find a specialist whose protection is built for your profession, or you can find a company that specializes in building policies around your needs, whether you’re investing, working as an IT consultant, or operating within the legal and medical fields. The resources provided at explain some benefits of this kind of coverage, which include:

  • Unique levels and types of protection for your practice or business
  • Common coverage options for your field
  • Tailor-made quotes that bundle in E&O as well as other forms of professional liability coverage

It might be time to talk to someone about making the switch to a fully customized policy if you’re currently working with a one-size-fits-all E&O solution.