Insurance for professional organizations

[amanda6035]

Hey everyone... I searched (really, I did) and the only thing that I could find that seemed relevant appears to be out of date now, so I could use your help.

Those of you who are part of professional organizations.... do those organizations have insurance policies, and if so, who through? I recently joined a very young professional org and we're working to get alot of things in place - including insurance. I was wondering if there were any other insurance companies that had better rates for professional organizations, or smaller up and coming type organizations. We're going to check out Willis and MJ, but suspect that they won't be able to give us what we need.

Thanks!

[amIblue?]

You are honestly better off going with a broker like MJ who understands these type of organizations and has the markets willing to write the coverages the organization needs. You may find an agent that finds you what seems to be bargain coverage, but it will most likely be because the insurance carrier doesn't understand the exposure and writes a product that won't provide you the coverage needed. With insurance, you can either pay for it now or later when there's a claim.

[Titchou]

I second MJ. If they can't write it, am sure Cindy or Heidie can direct you to someone who can. It's just officers and directors coverage unless you also have real property.

[amIblue?]

You would also want to make sure that volunteers are covered as insurers when they are acting on behalf of the org.

[Titchou]

I think you mean as "insureds" not "insurers."

[amIblue?]

You are right. I do. This is what I get for typing on my phone.