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Risk Management
Insurance
| Question | Answer |
|---|---|
| Insurance is NOT IMPORTANT | Meet an organization's mission |
| Insurance is IMPORTANT | Running and maintaining a strong organization |
| Why is insurance important? | 4 |
| 1. | Sustainability |
| 2. | Recover loss |
| 3. | Provide service |
| 4. | Cover expenses after natural occurences |
| Process of Insurance | 4 |
| 1. | Review types offered |
| 2. | Purchasing insurance |
| 3. | Working with broker |
| 4. | Tips |
| Majority of claims/acusations | Accidents and Allegiations (professional errors) |
| These claims are | Expensive and time consuming |
| All nonprofits should purchase/carry what? | General Liability Insurance |
| Insurance Choice Process | Depends on activity / size of assets / # of volunteers |
| Who should a NP consult with? | Broker |
| Insurances | Name 4 |
| General Liability | Common insurance to cover minor accidents |
| Property | Protects physical assets |
| Directors and Officers | Covers claims related to decision making made by the organization |
| Social Service Professional | Covers errors |
| Invest in an Umbrella insurance if policy is over | $1 million |
| When purchasing insurance invest in a | Broker (1st step) |
| Broker | Professional adviser who consults clients and insurance companies |
| When filling out an application for a broker, include | Activities/events / Assets / Property address |
| The cheapest insurance won't offer you the | Best service |
| "Even Trigger" | Covers events of a late reported claim (invest) |
| Ask a broker her/his | Opinion |
| Board's Role in Risk Management | 3 |
| 1. | Realize that there are risks in operating a NP but can be managed by policies |
| 2. | Be informed about all claims |
| 3. | Monitor allegiations |
| Executive/Board committee Role | Develops a list of key risks by the nonprofit |
| 1. | Identify areas of concern |
| 2. | Protect vulnerable clients |
| 3. | Fraud and damage |
| Follow rules consistently | |
| Employees need to be treated with respect and courtesy | |
| Real risk/ Major | Damage the reputation by poor decision making |
| Nonprofits are formed by people... | Who want to make a difference |
| Risk management is not a list... | It's a state of mind |
| Implement policies to avoid... | Problems and how to handle them in a fashionable way |
| Help ensure a organization's downside and ensure a peace of mind | |
| What are the legal considerations of a NP? | 5 |
| 1. | HR |
| 2. | Financial Management |
| 3. | Board |
| 4. | Grant Compliances |
| 5. | Risk Management |
| What happens to a NP when it goes out of business? | All the NP assests are distributed amongst the other NP |
| Law and Your NPO | 6 |
| 1. | Birth of NPO |
| 2. | Board of Directors |
| 3. | Liability and Volunteers |
| 4. | HR- Job trainees |
| 5. | Risk Management |
| 6. | Financial Management |
| How do Nonprofits couply w/ the law? | 7 |
| 1. | Trainings |
| 2. | Research |
| 3. | Check list "tools" |
| 4. | Hire lawyers/legal counsel |
| 5. | Get a layer to donate "probono" services |
| 6. | Get a lawyer on board |
| 7. | Legal audit |
| Lawyers to consider | Employment Law, Environmental Lawyer, Personal Injury |
| Ethical considerations | Overall Nonprofit; Not a specific reason; Classes not protected |
| Legal considerations | Classes Protected (look at chart Georgia did) |
| Ethics | Law / Belief / Values / Religion / Societal Expectations / Professional |
| Social workers = | Guidlines |
| Fundraising - AFP, Professional | Oaths, Standards, Contracts |
| Risk Management/ Mitigation (aviodance) | 3 |
| Insurance | 1 |
| 2. | Practice, policies, training, standard operating procedures |
| 3. | Crisis Management |
| 1st step in crisis management | Communicate |
| Example | A man died in one of the bunks at Our House or the baby. |
Created by:
animalsavior
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