One of the best assets of any nonprofit is an active and engaged Board of Directors, and the best way to attract great people to your Board is to offer protection from liability in their role as a director of your organization. That is exactly what Directors and Officers (D&O) insurance does: gives a degree of protection against claims brought against the Board for actions performed in the fulfillment of their duties in overseeing the operations of your nonprofit.
When do I need it? Nonprofit D&O coverage can only be acquired by incorporated 501(c)3 organizations or by groups that are fiscally sponsored by a 501(c)3. To decide whether D&O is important for your organization, look at the amount of work your Board is taking on. If your Directors don’t have much involvement with the organization’s finances, then the risk of legal action for financial mismanagement is low, so D&O insurance may not be your highest priority. If you do have substantial revenues and the Board helps to manage them, purchase a D&O policy as soon as possible.
Now that I’ve covered everyone working for me in the US, I finally have the time and peace of mind to think about my upcoming tour to Romania. What do I do now? International Touring
There is that sticky question of health insurance, which I should probably get for myself and my performers. Great idea! Health Insurance (Small Groups)